-
President Trump plans to sign an order targeting banks that cut off crypto companies.
-
Regulators will be directed to investigate discrimination and penalize violators.
-
The order is a response to Operation Choke Point-style policies.
-
It reflects Trump’s broader pro-crypto stance since returning to office.
Executive Action to Protect Crypto Access
President Trump is preparing to sign an executive order designed to stop banks from denying service to crypto companies and politically aligned groups. The order will direct financial regulators to review bank actions and punish institutions found to have engaged in discrimination.
The Wall Street Journal reported that the order also covers violations of laws like the Equal Credit Opportunity Act and encourages agencies to roll back past policies that enabled debanking.
Historical Context and Industry Pressure
The order responds to concerns over “Operation Choke Point 2.0,” a term used by critics to describe banks cutting ties with crypto firms under regulatory pressure. The original Operation Choke Point, launched in 2013, targeted industries considered high-risk for fraud.
Crypto leaders, including Coinbase CEO Brian Armstrong and Kraken co-founder Jesse Powell, have voiced concerns for years about being deplatformed by banks.
Trump’s Shift on Crypto Policy
Though once a critic, Trump has aligned himself with crypto leaders since his 2024 campaign. His administration has pushed for crypto-friendly regulations and promised to protect industry access to financial services.
Trump’s order may be signed within days, though timing is not final.
