Trump to Sign Order Targeting Bank Discrimination Claims Against Crypto and Conservatives

President Donald Trump is preparing to sign an executive order targeting banks accused of discriminating against cryptocurrency firms and conservative groups, according to multiple reports. The directive, which could be finalized as early as this week, instructs federal regulators to investigate whether financial institutions have violated laws including the Equal Credit Opportunity Act, antitrust rules, and consumer protection standards. It may also result in penalties, such as fines or consent decrees, for banks found to engage in politically motivated service denials [1].

This move follows persistent claims by Trump and others that major banks, including JPMorgan Chase and Bank of America, have engaged in “debanking”—a term referring to the alleged withdrawal of financial services based on political affiliations or business models. Trump has personally criticized banks for cutting off his accounts in the past, citing JPMorgan Chase as an example. In response, several banks have revised their policies and engaged with Republican attorneys general to clarify that they do not discriminate on political grounds, an effort aimed at avoiding federal scrutiny [2].

The executive order is part of a broader policy shift under the Trump administration, which has sought to ease regulatory pressure on the financial sector and support industries like cryptocurrency. Trump’s team has indicated that regulators will no longer consider “reputational risk” when evaluating banks’ customer relationships. This departure from prior approaches could signal a more favorable environment for crypto firms, which have faced increased oversight under previous administrations [3].

Banks, however, have maintained that their decisions to discontinue certain services are based on legal, regulatory, and financial risk assessments, particularly under U.S. anti-money laundering laws. They have denied engaging in political discrimination, emphasizing that their actions are driven by compliance and risk management. Nonetheless, the executive order underscores growing tensions between political actors and the banking sector, especially as the U.S. House Committee on Oversight and Government Reform investigates allegations of debanking in the crypto space [4].

Market analysts suggest that the executive order could influence U.S. cryptocurrency market dynamics, depending on how banks respond and how regulations are enforced. Historical trends indicate that reducing regulatory barriers may lead to greater mainstream adoption of cryptocurrencies. However, the immediate effects remain uncertain and will depend on how institutions adjust their policies in response to the new directive [5].