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President Donald Trump is preparing to sign an executive order that would investigate alleged debanking of crypto firms and conservative groups. The directive, reported by The Wall Street Journal, instructs banking regulators to examine whether financial institutions violated laws related to antitrust, fair lending, or consumer protections when denying services to crypto-related businesses. Regulators could face legal consequences or fines if violations are found.
The order would push agencies like the FDIC and Small Business Administration to review and eliminate policies contributing to the removal of customers—including crypto companies—from the banking system. It also calls on regulators to refer serious violations to the Department of Justice. Crypto leaders have long argued that the Biden administration used regulatory pressure to cut them off from banking, dubbing the effort “Operation Choke Point 2.0.”
Industry voices, including Coinbase and VC Nic Carter, claim regulators unfairly targeted crypto after the FTX collapse. Trump’s action is seen as a sharp shift in support of financial freedom, digital assets, and political neutrality in banking practices.
