President Donald Trump is reportedly finalizing an executive order aimed at curbing politically motivated financial discrimination, particularly against cryptocurrency businesses and right-leaning individuals.
According to sources cited by The Wall Street Journal, the initiative seeks to punish banks that deny services based on ideology or industry, a trend critics have dubbed “debanking.”
The draft order calls for fines and legal scrutiny against financial institutions that sever ties with clients for political reasons. It also directs federal regulators to examine whether any firms have breached anti-discrimination, antitrust, or consumer protection laws—without naming specific entities.
This move comes in response to what some in Trump’s circle view as a continuation of “Operation Choke Point,” a controversial 2013 Department of Justice program that pressured banks to avoid working with legally operating but politically disfavored industries. The latest iteration, sometimes called “Choke Point 2.0,” allegedly intensified under President Biden’s administration and targeted sectors like crypto and firearms.
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In addition to punishing discriminatory banking practices, the proposed order instructs federal agencies to strip out internal guidance or regulations that may have facilitated debanking in the first place. The Small Business Administration would also be tasked with auditing its loan partner policies, and in some cases, violations could be referred directly to the Department of Justice.
While the executive order could be issued within days, sources caution that the timeline remains fluid and plans may shift.
Kosta Gushterov
Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.
