President Donald Trump is reportedly preparing an executive order that could penalize banks for cutting ties with customers over political views—a move that could reshape how financial institutions interact with crypto companies.
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.
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.
Crypto Executives Speak Out
Executives from Coinbase, Gemini, Kraken, and other crypto platforms have shared stories of losing banking access in recent years. Some believe these moves were politically motivated rather than based on legitimate financial concerns.
The issue gained traction during Trump’s 2024 campaign, when he pledged to end targeted debanking and offer clearer rules for the digital asset industry. The incoming administration now appears to be acting on that promise.
Political Lines and Financial Access
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. In response, several institutions have updated policies or met with GOP state attorneys general to signal neutrality.
The proposed executive order would also instruct the Small Business Administration to review loan partner conduct and encourage agencies to revise any internal guidance contributing to political bias in financial decisions.
Personal Impact and Industry Implications
Eric Trump, who became active in crypto after being deplatformed by U.S. banks, called the experience eye-opening. “It wasn’t until we were shut out that I saw what crypto really offered—freedom from centralized control,” he said earlier this year.
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.
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Source: https://coindoo.com/trump-eyes-executive-order-to-protect-crypto-firms-from-political-banking-bans/