The administration of U.S. President Donald Trump is preparing an executive order aimed at protecting cryptocurrency companies and other clients from discrimination by financial institutions. The draft order proposes imposing fines and other measures against banks that refuse to serve clients based on political affiliations or connections to the crypto industry. Under the proposal, federal regulators would be authorized to investigate such cases under the Equal Credit Opportunity Act, antitrust laws, and consumer protection regulations. If violations are found, banks may face financial penalties, compliance mandates, and public enforcement actions.

Although the draft does not name specific financial institutions, one widely discussed case involves Bank of America, which reportedly closed accounts belonging to a religious organization from Uganda affiliated with cryptocurrency operations. The organization accused the bank of political and religious bias, while the bank stated the decision was based on internal policies and risk management procedures for international clients. The executive order also references incidents where banks voluntarily shared customer information with law enforcement agencies during investigations related to the events of January 6, 2021. These actions are being scrutinized as possible examples of political bias within the financial sector.

Supporters of the order argue that it would eliminate ideologically motivated account closures and ensure equal access to financial services for all market participants, including those in the crypto industry. On the other hand, representatives of the banking sector claim that many such decisions are not politically motivated but are instead driven by legal compliance requirements, anti-money laundering protocols, and reputational risk management. The draft order further calls for a review of existing regulatory guidelines, including those applied by the Small Business Administration (SBA), which may have encouraged banks to restrict services based on reputational concerns.

According to reporting by the Wall Street Journal, the executive order could be signed in the coming days, although final approval will depend on internal deliberations within the White House and relevant federal agencies. If implemented, the order could significantly reshape banking policy in the United States, particularly in relation to cryptocurrency firms and politically conservative clients, by challenging current practices of account denial without transparent justification.

💸💲🧠 Get up to 5020 USDT as a welcome bonus and an additional 1025 USDT by using this referral on  Bybit