The Donald Trump administration plans to take action against banks that refuse financial services to conservative organisations and cryptocurrency companies for political reasons, according to a draft executive order seen by the Wall Street Journal (WSJ).
document Instruct bank regulators to investigate violations that financial institutions may have committed of laws relating to equal credit opportunities, antitrust regulations and consumer protection regulations. If irregularities are verified, it has been shown that sanctions can include fines, legal contracts, or different disciplinary actions.
The draft reported text does not mention any particular banks, but refers to previous cases such as Bank of America, where it was accused of shutting down accounts of Christian organizations operating in Uganda. The entity justified the decision claiming it was not serving small businesses with activities outside the US.
Furthermore, the initiative attacked the participation of certain banks in the investigation of the attack on the Capitol on January 6, 2021, suggesting that some of their decisions may have been motivated by political considerations.
The text asks federal agencies to develop small and medium-sized businesses to audit the actions of banks participating in the loan program.
There are no confirmed days yet, but sources close to the process show that Order signatures can be realized this week. However, it does not rule out delays or changes to the final content of the document.
The news quickly generated responses within the community. Certified engineer and investor Paul Baron described the possible executive order as “the biggest catalyst since Bitcoin ETF approval.”
Baron emphasized that. This measure would force all major banks to accept companies linked to Cryptocurrencypredicts the large arrival of institutional capital to the sector.
Binance CEO Changpeng Zhao (CZ) said that numerous US banks have previously blocked cryptocurrency-related transactions, making it difficult to convert Fíat currency for the purchase of digital assets.
According to CZ, the new initiative will open the door to promoting bank inclusion globally, encouraging cryptocurrency companies and users to access traditional financial systems.
Operation Shadow Choke Point 2.0
Representative of the ecosystem They have long been denounced unfair obstacles to accessing the financial system.. They argue that during previous administrations, Joe Biden has strengthened a culture of exclusion for certain sectors, particularly companies associated with Bitcoin (BTC) and cryptocurrency.
The background to this alleged regulatory attack can be linked to what the industry called the Chokepoint 2.0 tactic. A series of actions taken by federal agencies between 2022 and 2024 would have forced banks to break ties with companies in the sector, according to the complaint.
As reported by Cryptonotics, under the discussion of financial and reputational risks, organizations such as the FDIC and SEC have resorted to indirect mechanisms (such as warning letters and regulatory adjustments) to interfere with the banking system of access to Bitcoin-linked projects.
In the case of this Trump Government initiative It can represent new changes in relations between marginalized financial institutions and sectors Under previous regulatory frameworks.
