The White House is preparing an order requiring an investigation into cases of debanking affecting crypto firms and conservative organizations. Signing is expected soon.
White House Initiative
According to a report by The Wall Street Journal, the White House will issue an order requiring financial regulators to investigate cases of debanking among crypto companies and conservative organizations. This was revealed through a draft of the order.
Goals and Consequences of the Order
The initiative aims to investigate violations of the Equal Credit Opportunity Act, antitrust laws, and consumer financial protection laws. Financial institutions found in violation may face various disciplinary measures, including fines.
Political Context of Debanking
Combating crypto-related debanking is among Trump's campaign promises, as he intends to end the so-called Choke Point 2.0 operation. This term refers to a series of measures taken under the Biden administration aimed at distancing crypto companies from the financial sector. The order is also expected to combat political debanking, particularly of conservative organizations, especially following the January 2021 Capitol riots.
The order, likely to be signed by Trump this week, will reflect his intention to tighten oversight over bank practices related to debanking and discrimination against conservative groups.
