US President Donald Trump has signed an executive order entitled “Guaranteed a Fair Bank for All Americans.” At first glance, the order seeks to combat what the White House calls “politicization or illegal dismantling.” This is a practice in which financial institutions reject services to individuals or businesses due to political or religious beliefs or dedicated to legal commercial activities, but are at a disadvantage by federal regulators.
However, a deeper analysis of the text, driven by industry figures such as Caitlin Long, CEO of Private Bank Management Bank, reveals a much more radical strategy. “Super regulator” on top of traditional banking institutionsthe Federal Reserve System (Fed), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Secretary of Currency (OCC), among others.
The executive order directly addresses accusations that federal regulators have urged banks to discriminate against their clients. Explicit programs such as «Operation Chokepoint« as evidence of systematic bias.
Cryptonoticia attempted to combat fraud in the high-risk industry, such as payment date loans and arms dealers, as a Chookepoint or “straint point” operation launched by the US Department of Justice in 2013. However, the community and the cryptocurrency industry have denounced the latest version known as Chalkpoint 2.0, saying it is currently undergoing a secret investigation operation aimed at restricting access to digital asset companies’ traditional banking systems.
The “hidden gem” of the executive order
In an executive order signed by Trump, Caitlyn emphasizes “hidden gems.” She points out that it’s not “what” but “how.”
“The White House shows that it understands it cannot trust federal bank regulators,” Long said. “He hired a supervisor to ensure his integrity.”
According to the order, its supervisor is the SBA. “I’ve said a lot about this,” Long continued. “The President understands that the abuse of power that caused the removal (drawing) is deeply rooted in the institution,” Long supports that argument by pointing out the political contributions of the Fed and FDIC staff. This is overwhelmingly leaning towards the Democrats, where there are a lot of anti-vitocoin and cryptocurrency politicians.
The choice of SBA, an institution that is traditionally not the first level of banking regulatory authority, is considered a tactically creative play. That’s why Section 4 of Trump’s Executive Order states. This gives the SBA explicit authority Requests the financial institution to “identify and return” customers who have been denied services; To “debut” “politicized” actions.
Section 4 of the Executive Order indicates that the SBA is responsible for notifying financial institutions under its jurisdiction within 60 days, and within 120 days, it will identify and return clients who are victims of politicization or illegal disability and potential clients. This includes both general financial services and payment processing services.
The order seeks to ensure that these agencies take corrective action to restore access to banking services to those who have been unfairly eliminated for reasons not related to objective financial risk. from now on, Banks violating these laws may face financial sanctions or other disciplinary measures.
«The White House does not trust three federal banking institutions (FDIC, Fed and OCCI) to clean their homes. However, because the SBA has jurisdiction, it is inserted as a super regulator over the other three. Tactically, it’s a creative movement. The president is serious.
Founder of Caitlin Long, Bitcoiner and Custody Bank.
Orders protect your activities using Bitcoin
An important appointment highlighting this intent is that of Kelly Loeffler, the well-known Bitcoin defender currently in charge of the SBA. “Yes, the White House has given Bitcoiner this task,” he cried out for a long time, highlighting the enormous signal that this would be sent to industries that felt persecuted by traditional financial systems such as digital assets.
The executive order defines “politicization or illegal bank overthrows” in a wide range of ways, which does not explicitly mention the Bitcoin or the cryptocurrency industry. However, the key language focuses on protecting “legal commercial activities.” According to Long, “banks that refuse to service or cancel accounts of Bitcoin law companies are in the spotlight.”
But not everyone has stopped being a matter of political debate among conservatives when criticizing regulators. “They present it as a Democratic campaign to abuse their power by attacking conservatives,” said Dru Stevenson, a law professor at the Southern Texas law school. “It’s more myth than reality,” he said in the US media.
According to the Cryptootic report, the official document is Operation choke points known for their anti-bitcoin posture, It was imposed on US banks. Caitlyn Long, the company of Custody Bank, has suffered account closures by five different banks despite a history of perfect compliance, trusts Trump’s executive order has shown positive results.
“A good fire test to measure the success of this executive order is whether the five banks that cancelled the custodial bank will return to us… If we return to us, the executive order was successful.”
Founder of Caitlin Long, Bitcoiner and Custody Bank.
Long’s comments show that while Trump’s government is implementing this new directive, the financial industry is keeping a careful observation. The measure is a fundamental restructuring that could spark an unprecedented power struggle between newly empowered agencies and the establishment of fundamental regulations in Washington. Or, undoubtedly, it could foster a new relationship between US banks and the Bitcoin industry and cryptocurrency.