Trump Targets ‘Debanking’ of Crypto Companies with New Order

President Donald Trump plans to sign an executive order that would punish banks for cutting off services to cryptocurrency companies and conservative organizations, the WSJ reports. The order could be signed this week at the White House.

The draft order instructs federal regulators to investigate banks for possible violations of equal credit and consumer protection laws when they drop crypto firms or conservative clients. The Treasury Department and other banking regulators must identify and examine cases where financial institutions “unjustifiably” end relationships with digital asset companies or politically conservative groups.

Banks found breaking the Equal Credit Opportunity Act, antitrust laws, or consumer protection rules could face fines, consent orders, or other enforcement actions. The Justice Department’s new task force on discriminatory financial practices may help with enforcement.

The order targets what critics call “Operation Chokepoint 2.0,” an alleged campaign by regulators to pressure banks into dropping crypto businesses. The order does not name specific banks but references a recent case where Bank of America closed the accounts of a Christian humanitarian group in Uganda, citing regulatory concerns. It also criticizes banks for actions related to the January 6, 2021 Capitol riot investigations, claiming some banks took politically motivated steps in compliance reviews.

Banks refusing services to crypto companies became more common during the Biden administration’s regulatory push, which the industry viewed as overly restrictive. In January 2025, Trump canceled the previous administration’s digital asset framework and created a presidential working group on digital markets to streamline rules and promote U.S. leadership in the sector.