TL;DR
- Donald Trump is preparing to sign an executive order that would shield crypto firms and individuals from politically motivated debanking by financial institutions.
- The order pushes regulators to investigate potential legal violations by banks, including those related to anti-discrimination and consumer protection laws.
- This move reinforces Trump’s growing alignment with digital assets.
Donald Trump is reportedly ready to sign a sweeping executive order aimed at preventing financial institutions from cutting off access to services based on political or ideological views. While the order doesn’t name specific companies, it places a sharp focus on protecting the crypto sector, which has been a frequent target of debanking actions in recent years.
According to people familiar with the matter, the draft order directs regulators to examine whether banks have violated laws such as the “Equal Credit Opportunity Act” and the “Consumer Financial Protection Act”. Financial institutions found to have acted on political motives could face fines, investigations, or formal consent decrees.
Crypto Sector Sees Long-Awaited Pushback Against Financial Blacklisting
The proposed order directly responds to claims from crypto founders and investors who say they’ve been denied bank accounts, loans, or basic services due to their industry ties or political affiliations.
For years, companies like Coinbase, Kraken, and Gemini have quietly reported difficulties accessing banking infrastructure. More recently, prominent figures like Custodia Bank’s Caitlin Long and Gemini’s Cameron Winklevoss have gone public with their stories.
This coordinated debanking effort — dubbed “Operation Choke Point 2.0” by critics — has been accused of mirroring a previous federal initiative targeting politically sensitive industries. Trump’s executive order appears to reverse that direction, instructing agencies such as the FDIC, OCC, and Federal Reserve to abandon the use of “reputational risk” when reviewing a bank’s client relationships.
Trump’s Shift Toward a Pro-Crypto Stance Gains Momentum
Trump, once skeptical of Bitcoin and other digital assets, has increasingly embraced the industry. During his last reelection campaign in 2024, he met with top crypto executives, accepted campaign contributions in digital currencies, and vowed to remove regulatory roadblocks seen as hostile to blockchain innovation.
Eric Trump, whose own ventures include a Bitcoin mining company, has shared personal stories of being de-banked. He claims this experience led him to recognize crypto’s role as a safeguard against financial censorship. His sentiment echoes a wider belief within the crypto industry that decentralized finance offers an essential alternative to centralized financial control.
If signed, the order could mark a significant turning point for U.S. crypto policy, reinforcing the administration’s commitment to fostering a more industry-friendly regulatory environment under President Trump’s current leadership.
