US President Donald Trump is moving ahead with a plan to target banks that cut off customers over politics or crypto. His team is expected to issue an executive order within days.
Industry voices say crypto firms have long felt frozen out by big banks. They point to “Operation Chokepoint 2.0” under the Biden years, which they claim led to sudden account closures without clear reasons.
BREAKING: Trump to prepare executive order that punishes banks that discriminate against conservatives, according to Wall Street Journal report.
In 2023, Coinbase CEO Brian Armstrong said JPMorgan Chase warned it would shut accounts tied to main crypto income. In November the following year, Elon Musk said as many as 30 tech entrepreneurs lost bank access under that policy.
Banks have since pushed back. They say decisions were about anti-money laundering rules. They add that managing reputational risk lets them guard against fraud and legal trouble.
Antitrust laws keep competition fair. Consumer protection statutes shield against unfair practices. If banks are found at fault, they face monetary penalties or binding consent orders.
The move aims to stop banks from using compliance as an excuse for political bias. It could also strip away so-called reputational risk guidelines that critics blame for “debanking.”
That means any lenders accused of cutting ties with certain customers may face fresh scrutiny. Calls for comment to the White House went unanswered, according to Reuters.
Trump has been outspoken about big banks. In January, he accused the CEOs of JPMorgan Chase and Bank of America of turning away conservative clients.
The banks denied the claims. At the same time, Republican politicians and state officials have slammed “woke capitalism,” saying banks are cutting off gun makers, fossil fuel firms, and others that lean right. Those voices helped shape the executive order’s focus.
Featured image from Andrew Harnik/Getty Images., chart from TradingView
