Former President Donald Trump is set to sign a new executive order that could significantly impact the U.S. financial system—specifically focusing on how banks treat cryptocurrency companies and politically conservative organizations.
This directive, first reported by The Wall Street Journal, will require federal agencies to investigate whether financial institutions have engaged in unfair practices when cutting off services to certain groups.
Executive Order to Target Regulatory Overreach in Banking
The order will instruct key financial regulators—including the FDIC (Federal Deposit Insurance Corporation) and the SBA (Small Business Administration)—to review and potentially reverse policies that may have led to the removal of certain customers from the banking system. This includes cryptocurrency startups, blockchain firms, and conservative nonprofits or political groups.
According to the report, agencies found to have violated consumer protection laws, antitrust regulations, or fair lending rules could face legal consequences. The directive also urges regulators to refer any serious breaches to the Department of Justice for further action.
This initiative aims to hold regulators accountable and prevent what many critics have called ideologically motivated banking discrimination.
“Operation Choke Point 2.0” and Crypto’s Banking Struggles
Crypto industry leaders and conservative commentators have long argued that the U.S. government, particularly under the Biden administration, pressured banks to distance themselves from digital asset firms. This alleged effort has been dubbed “Operation Choke Point 2.0”, echoing a similar Obama-era policy that targeted industries like firearms and payday lending.
Since the collapse of FTX in late 2022, many crypto firms claim they’ve been unfairly denied access to basic banking services. Influential voices like Coinbase and venture capitalist Nic Carter have accused regulators of overreach, saying this has slowed innovation and economic opportunity in the digital asset space.
Trump’s executive order marks a dramatic policy shift—framing access to financial services as a matter of free speech, financial freedom, and equal treatment under the law.
If the order moves forward, it could not only reshape how crypto companies interact with traditional banks but also signal broader support for decentralized finance (DeFi), blockchain technology, and politically neutral banking practices.
