Catenaa, Wednesday, August 06, 2025- President Donald Trump is preparing to sign an executive order aimed at penalizing banks for allegedly debanking crypto companies and politically aligned individuals, The Wall Street Journal reported Monday.
The executive order could be signed this week, though the timing remains fluid. Banks have already begun signaling compliance by updating policies and meeting with Republican attorneys general to avoid federal penalties.
The draft order would direct regulators to investigate whether financial institutions violated the Equal Credit Opportunity Act, antitrust rules, or consumer protection laws by cutting off clients for political reasons. It also proposes fines, consent decrees, and referrals to the Justice Department for serious violations.
The initiative comes amid longstanding complaints from crypto firms and conservative groups that banks denied them services under policies known as “Operation Choke Point 2.0,” a reference to the Obama-era effort to curb services for high-risk industries.
Trump’s order would also push agencies, including the Small Business Administration, to review and remove policies that may have contributed to debanking.
Major industry figures, including Coinbase CEO Brian Armstrong, Kraken co-founder Jesse Powell, and Gemini’s Cameron and Tyler Winklevoss, have previously spoken out about losing banking access.
