Trump Signs Order to End Bank Bias Against Crypto

The order signifies a pivotal change, potentially enhancing banking access and stability for affected sectors.

President Donald Trump signed the order on August 7 to address banking discrimination against conservative and crypto sectors. Banks that deny services could face fines from federal regulators. Congressman Andy Barr supports legislation to make this a permanent mandate.

“Federal regulators are hereby directed to investigate and remedy any banking discrimination based on political beliefs, religious views, or lawful industry involvement, as part of our commitment to guaranteeing fair banking for all Americans.” — Donald Trump, President, United States.

Federal Regulators, including the OCC, FDIC, and FRB, will enforce and review compliance. Trump, citing personal experiences of debanking, has spurred these actions. The order addresses industries marked as high “reputational risk.”

Cryptocurrency companies and other sectors that have faced financial exclusion can expect increased banking access. The order mandates regulators to restore services to previously denied companies, potentially boosting crypto market stability.

The executive order could shake financial, business, and social landscapes by realigning banking practices, which may lead to increased liquidity and access for industries commonly denied services due to perceived reputational risks.

With Trump’s stance emerging, financial and regulatory landscapes may undergo significant shifts. Historical events like Operation Chokepoint saw similar interventions. By potentially adjusting banking policies, this action could impact a variety of crypto assets.