President Donald J. Trump is preparing to sign a sweeping executive order this week aimed at penalizing banks found to be discriminating against individuals or businesses based on political ideology or industry affiliation, with a particular focus on conservative voices and cryptocurrency firms.
According to a report by The Wall Street Journal, the White House has finalized plans for an order that would instruct federal financial regulators — including the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) — to investigate and penalize financial institutions that engage in what the administration views as unlawful account closures or service denials rooted in political bias or sector-based prejudice.
The executive order will leverage existing legal frameworks, including anti-discrimination and fair access laws, to impose fines and corrective actions on offending institutions. This intended decision seeks to establish that Americans should not be excluded from financial services because of their identity or beliefs, regardless of whether they are conservative or into crypto innovation.
This move follows growing concerns among right-leaning individuals and cryptocurrency advocates who claim they have been debanked or had their financial services withdrawn without clear justification. Critics have cited ideological targeting, particularly under the pretext of environmental, social, and governance (ESG) policies or perceived reputational risk.
The Trump administration has long expressed support for digital asset innovation and has taken steps to ensure U.S. leadership in the global crypto economy. The executive order is expected to bolster these efforts by reinforcing open access to banking infrastructure for the cryptocurrency industry.
The proposed action is also being viewed as a reaffirmation of the administration’s broader commitment to protecting First Amendment rights and curbing perceived political bias in major institutions.
The executive order, once signed, is expected to ignite strong reactions across the political and financial sectors, with supporters hailing it as a long-overdue defense of freedom and innovation, and critics warning of government overreach into private banking operations.
More details are expected to be released upon the official signing later this week.
Credit: @WSJ via x.com.
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