- President Trump plans to sign an executive order targeting banking discrimination against Bitcoin businesses.
- Key figures include Trump, Changpeng Zhao, and Tyler Winklevoss.
- This move could alter banking access for digital asset firms.
President Trump confirmed plans to sign an executive order imposing fines on banks discriminating against Bitcoin businesses and conservatives, addressing longstanding complaints from the crypto industry and political conservatives.
The order’s potential to reduce fiat-to-crypto conversion friction could pave the way for increased digital asset inflows, influencing Bitcoin, Ethereum, and broader cryptocurrency markets.
Donald Trump announced an executive order focused on penalizing banks that deny services to Bitcoin businesses. This move addresses years of de-banking complaints. Crypto industry leaders and conservatives cite unjust account closures as a critical issue.
Leading the charge, President Trump stated banks discriminated against conservatives and crypto firms. “They discriminated against many conservatives,” he said. He accused institutions like JPMorgan and Bank of America of revoking his banking privileges without regulatory grounds.
The market impact could be significant, as the order threatens fines for non-compliance. This has potential implications for Bitcoin and related cryptocurrencies, possibly improving banking for digital asset transactions.
The order aims to address practices under scrutiny previously, such as Operation Chokepoint 2.0. It highlights the need for regulatory change, prompting banks to reassess their treatment of crypto-related accounts.
Historical precedents show that easing banking restrictions often results in increased crypto inflows. Both Total Value Locked (TVL) and trading volumes could rise if banks comply with the order, strengthening the digital asset market.
The executive order’s implications extend to compliance with the Equal Credit Opportunity Act and other laws. This could enhance access for digital asset firms and improve trust in financial institutions managing crypto-related accounts.
