- Trump will issue an order to protect crypto firms from banking discrimination.
- The move targets politically driven account closures under “Chokepoint 2.0.”
- The crypto sector expects better banking access if implemented.
The term refers to what crypto insiders say is a silent crackdown: U.S. regulators allegedly pressuring banks to sever ties with digital asset firms due to reputational risks. Though unofficial, many call it a modern replay of the original Obama-era “Operation Chokepoint.”
Trump’s Executive Order: What’s In It?
According to The Wall Street Journal, former President Donald Trump plans to issue an executive order that would bar banks from denying services to crypto firms based on political bias or industry affiliation.
Key aspects include:
- A ban on politically motivated “debanking” of crypto-related businesses.
- Support for clearer rules on how banks assess crypto firms’ risk.
- Reinforcement of earlier Fed guidance removing “reputational risk” as a bank exam factor.
The policy shift aims to remove unfair barriers and normalize access to financial infrastructure for crypto startups.
Why It Matters to the Crypto Industry
The potential order could:
- Rebuild trust between banks and digital asset companies.
- Reverse years of aggressive banking crackdowns on crypto—especially post-SVB, Signature, and Silvergate failures.
- Signal a strong pro-crypto posture for Trump’s 2025 agenda, alongside other crypto-forward plans such as establishing digital asset reserves.
Industry and Political Response
The move aligns with broader Republican efforts to defend access to banking services regardless of political views or industries. Several lawmakers and crypto advocates have welcomed this potential shift, seeing it as a vital step toward ensuring fair treatment for crypto businesses nationwide.
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