Trump Targets Banks That Discriminate Against Crypto Firms

The Trump administration is preparing an executive order that could impose sanctions on banks accused of closing customer accounts for political reasons, including those of crypto companies and conservative organizations. According to sources cited by The Wall Street Journal, the order is expected to be signed this week.

The measure would instruct financial regulators to investigate potential violations of fair lending, antitrust, and consumer protection laws in cases where commercial relationships were terminated without clear financial justification.

The draft order cites incidents such as Bank of America closing the accounts of a Christian organization in Uganda, as well as the involvement of financial institutions in investigations related to the January 6, 2021 Capitol events.

Trump previously stated that major banks were hostile toward crypto firms and conservative entities during Joe Biden's administration. The initiative is seen as a response to what some critics have called “Operation Chokepoint 2.0” — the alleged systematic exclusion of these groups from the financial system.