- White House to require probes into debanking of crypto firms and conservative groups.
- Trump may sign order before August 8, 2025, targeting bank discrimination practices.
- The order targets violations under credit, antitrust, and consumer protection laws.
The White House will issue an order that will require financial regulators to investigate cases of debanking among crypto companies and conservative organizations, The Wall Street Journal reports, citing a draft of the order.
The initiative is aimed at investigating violations of the Equal Credit Opportunity Act, antitrust laws, and consumer financial protection laws. Counterparties caught violating these laws may face various disciplinary measures, including fines.
The Wall Street Journal noted that US President Donald Trump may sign the order this week, before August 8, 2025. However, the publication also emphasized that the administration previously considered similar measures in June, but they were ultimately postponed.
Combating crypto-related debanking is among Trump's campaign promises. He said he intends to end the so-called Choke Point 2.0 operation.
The term refers to a series of measures taken under the Biden administration aimed at distancing crypto companies from the financial sector. Some experts and politicians believe this contributed to the closure of banks such as SVB, Signature, and Silvergate Capital.
The order also aims to combat political debanking, particularly of conservative organizations. The document criticizes the role of financial institutions involved in actions taken following the January 2021 Capitol riots.
The initiators were supporters of the Make America Great Again (MAGA) movement, backed by Trump.
In some cases, the order requires violations to be reported to the Attorney General. This requirement may indicate the possibility of more serious sanctions beyond administrative penalties.
