When ordering the White House, banks will be submitted a fine if they drop customers for political reasons or discriminate against digital activa companies and organizations.
The Executive Order draws up banking regulations to investigate whether banks or financial institutions may have violated the Equal Credit Opportunity Act, antitrust laws or financial protection laws for consumers, reported The Wall Street Journal on Monday.
The order threatens monetary fines, consent decisions and other disciplinary measures for offenders and could be signed this week, the report added.
Large banks cannot discriminate crypto
“Cryptocurrency companies have said that they are excluded from banking services under the BIDEN administration,” the report noted, although the order also includes that political grounds are being debit.
White House that prepares the executive order that would punish banks that discriminate against crypto companies …
by @dgtokar @Ajsaeyy pic.twitter.com/xqrluuwsc1
– Nate Geraci (@Nateraci) August 4, 2025
The banks claim that their decisions are based on legal, regulatory and financial risks, in particular anti-money laundering practice, which has a wide range, giving them a lot of control over the assets of people.
“We have granted detailed proposals and will continue to collaborate with the administration and the congress to improve the regulator,” a spokesperson for the Bank of America told The Outlet.
Banking regulations under Trump have already stopped assessing the “reputation risk” of customers, which was seen as a boost for the crypto industry.
The relocation represents an important shift of banks of Biden era under Operation ChokePoint 2.0, whereby the Trump administration positions itself as the protector of crypto interests against the alleged financial industry bias.
In recent years there have been several cases in which experts or companies in the Crypto industry have been removed, and the Trump administration wants to clearly put an end to this practice.
JPMorgan Chase informed Coinbase CEO Brian Armstrong in December 2023 that they would take the accounts of people whose primary income came from Crypto.
Sam Kazemian, founder of Frax Finance, also said That JPMorgan told him that they would close the accounts of everyone whose primary source of income or wealth was crypto.
Custodia Bank CEO Caitlin Long, co-founder of Gemini, Tyler Winklevoss, and Charlie Shrem of the Bitcoin Foundation also said they were debit.
In November 2024, Elon Musk placed proof that 30 technical founders were debit under the BIDEN administration.
Did you know that 30 Tech founders were secretly debit? https://t.co/GMNCIR43XD
– Elon Musk (@elonmusk) November 27, 2024
Banks still hate crypto
It is no surprise that Banks houses a lot of contempt against decentralized digital assets and companies that are part of the budding industry.
Banks benefit from lending the money from their customers and impose a high levels of control and restrictions on what customers can and cannot do with their own money. Crypto is the full antithesis of this, which makes peer-to-peer transfers and freedom about finances possible.
Now that banks can see large profits in Stablecoins, they seem to warm up for the industry (but for the wrong reasons).
In related news, the United Kingdom recently prohibited a Coinbase advertising campaign that was critical about its financial system.
Binance free $ 600 (excluding cryptopotato): Use this link to register a new account and receive $ 600 excluding welcome offer on Binance (Full details).
Limited offer for Cryptopotato readers at Bybit: Use this link to register and open a free function of $ 500 on each coin!
#Executive #Order #punish #American #banks #dropping #crypto #customers