U.S. President Donald Trump is preparing to sign a presidential order condemning financial institutions’ discrimination against crypto companies and political views as “discrimination.” This order will instruct regulators to investigate potential violations of equal credit opportunities, antitrust, and consumer protection laws. Banks may face fines or disciplinary actions, and the Small Business Administration will review credit applications. Although the order could be signed this week, its timing and content are subject to change.
The New Presidential Order Targeting Discriminatory Banking Practices
As reported by The Wall Street Journal, the draft of the order seeks to prevent financial institutions from severing customer relationships for political reasons. Banks are urged to cease using reputational risk as a pretext for such actions. Similar commitments have been made by the Federal Reserve (Fed), Office of the Comptroller of the Currency (OCC), and the Federal Deposit Insurance Corporation (FDIC). Regulators are now tasked with monitoring any bank’s compliance with equal credit laws.
The order also targets alleged bank removal actions labeled as “Operation Choke Point 2.0.” Similar sectoral restrictions were imposed during the 2013 initiative. This new order contains both regulatory and punitive measures. The Small Business Administration will reassess its credit partnership practices.
Furthermore, the presidential order ready for signing provides guidance for officials on policy changes, urging regulators to eliminate contractual arrangements.
Potential Relief for the Crypto Industry
Crypto companies have long voiced their grievances about being excluded from banking services. Leading companies such as Coinbase, Kraken, and Uniswap Labs have provided evidence to U.S. Congress inquiries on this issue. The House of Representatives’ investigation, launched in March, is examining account closures. Numerous key figures in the crypto industry have shared their experiences to date.
Eric Trump, Donald Trump’s son, stated that his bank accounts were closed while he was establishing a Bitcoin 
$77,560 mining company, expressing that he was “unexpectedly ousted from the financial system.” He criticized the decision, alleging that his political connections influenced the closure. Industry leaders also point out that banks are blocking them, citing money laundering risks as a reason.
Crypto companies are demanding solutions to regulatory uncertainties, advocating for a clearer legal framework rather than political interventions. For these reasons, the presidential order Trump is about to sign is highly valuable for the crypto market. Meanwhile, financial institutions continue to complain about the high costs of compliance.
