The Trump administration is preparing an executive order aimed at investigating discrimination in banking decisions against cryptocurrency companies, which could lead to significant changes in financial access for various entities.
Content of the New Order
According to insiders cited by The Wall Street Journal, the draft order directs regulators to investigate potential discrimination in banking decisions and scrutinize whether institutions have violated federal laws. While no companies are named, the measure could impose fines and disciplinary actions against banks that 'debank' individuals or firms without cause.
View of Crypto Executives
The action appears to respond to rising complaints from crypto executives and conservative figures, many of whom say they’ve been denied banking access due to political or industry-related pressure. This practice—labeled 'Operation Choke Point 2.0' by critics—echoes an Obama-era crackdown on controversial industries.
Political and Financial Aspects
Banks have pushed back, citing legal obligations around money laundering and regulatory compliance. Still, Republican leaders and industry advocates argue that ideological bias has crept into financial services, prompting several institutions to update policies or meet with GOP state attorneys general to signal neutrality.
If signed, the order could mark a major shift in how the federal government handles the intersection of finance, politics, and digital assets—potentially reshaping access to banking for millions.
