Bitcoin News Today: White House to Penalize Banks for Discrimination Against Conservatives and Crypto Firms

The White House has announced plans to issue an executive order targeting what it describes as politically motivated discrimination by banks against conservative individuals and cryptocurrency firms. The move comes in response to growing concerns that major financial institutions are disproportionately cutting ties with conservative and crypto-related entities through practices like "debanking," where banks close or refuse to provide services to clients based on political or ideological factors [1][3].

Debanking has become a significant issue in recent years, with crypto companies reporting difficulties in maintaining banking relationships. Many of these firms allege they face "crypto blacklisting," where banks view digital assets as too risky or controversial. According to one report, over 40% of crypto firms have experienced banking restrictions at some point, which has hindered their ability to operate smoothly, secure loans, and process payments [2][7].

The executive order is expected to penalize banks found to be engaging in discriminatory practices, potentially leading to fines or other enforcement actions. It may require banks to demonstrate that their decisions are based on sound financial reasoning rather than bias. The initiative aligns with broader regulatory efforts to balance innovation in the financial sector with the need for fair access to banking services [4][8].

The White House has also signaled its intent to investigate alleged violations of the Equal Credit Opportunity Act, antitrust laws, and consumer financial protection regulations. These investigations could hold financial institutions accountable for decisions made under the guise of regulatory compliance, particularly when it comes to their relationships with crypto businesses [5][9].

Industry observers suggest the order could force banks to re-evaluate their risk management and compliance strategies. While banks have long been cautious around emerging sectors like crypto due to regulatory uncertainty, the new policy may encourage more transparent and equitable engagement with such businesses [6][10].

The administration’s actions follow several high-profile cases, including lawsuits by the Trump Revocable Trust and Eric Trump against Capital One over the closure of Trump-affiliated accounts. Eric Trump, who previously expressed skepticism toward cryptocurrency, has since become a vocal advocate, linking his support to challenges with traditional banking services [1].

The potential consequences for noncompliance remain unclear, but reports indicate that violations could result in substantial fines or other enforcement actions. By leveraging legal frameworks, the administration aims to address perceived imbalances in financial access and promote a more inclusive digital economy [2][5].

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[1] The White House Preps Order to Punish Banks That Discriminate Against Conservatives - The Wall Street Journal (https://www.wsj.com/finance/regulation/white-house-preps-order-to-punish-banks-that-discriminate-against-conservatives-8af18854?gaa_at=eafs&gaa_n=ASWzDAiok0cO7kk28M3HBxpFbiPIGMBZmBK8Fzfy--nDfLTDH_NL2nljUd1j&gaa_sig=tBJYnDB7VcKXx9CZDh34PF719BBPTUyaYVoyGM-ezPU5TpRzZEMh65dzat8isJ8StGYaKePNDhSTK1yeadJRPQ%3D%3D&gaa_ts=689310fc)

[2] Trump Claims Banks Discriminate Against Conservatives Through Debanking - CBS News (https://www.cbsnews.com/news/trump-debanking-executive-order-discrimination-conservatives-jpmorgan-chase-bofa/)

[3] Trump Order to Target Bank Discrimination, Crypto De-banking - Ledger Insights (https://www.ledgerinsights.com/trump-order-to-target-bank-discrimination-crypto-de-banking-report/)

[4] Trump Executive Order Targets Bank Discrimination - AInvest (https://www.ainvest.com/news/trump-executive-order-targets-bank-discrimination-crypto-firms-2508/)

[5] Trump Prepping Order Against Banks for Discrimination - Syracuse.com (https://www.syracuse.com/politics/2025/08/trump-prepping-order-against-banks-for-discrimination-against-conservatives-report.html)

[6] White House to Target Banks as Trump Claims Discrimination - Economic Times (https://m.economictimes.com/news/international/global-trends/white-house-to-target-banks-as-trump-claims-discrimination/articleshow/123130706.cms)

[7] Crypto Could Be Shielded By Trump's Planned Executive Order - Mitrade (https://www.mitrade.com/insights/news/live-news/article-3-1015254-20250806)

[8] New White House Order Could Fine Banks for Discrimination Against Crypto Firms - 99Bitcoins (https://99bitcoins.com/news/bitcoin-btc/new-white-house-order-could-fine-banks-for-discrimination-against-crypto-firms/)

[9] Why Trump is Targeting Banks with a New Executive Order - Moneycontrol (https://www.moneycontrol.com/world/why-trump-is-targeting-banks-with-a-new-executive-order-on-political-discrimination-and-crypto-access-article-13400441.html)

[10] Trump Eyes Order to Penalize Banks Blocking Bitcoin & ... - Bitbo (https://bitbo.io/news/trump-bank-bitcoin-order/)