Trump will sanction banks to discriminate against Bitcoin in expected order

The Donald Trump administration plans to take measures against banks that deny financial services to conservative organizations and cryptocurrency companies for political reasons, according to a draft of an executive order seen by The Wall Street Journal (WSJ).

The document Instruct bank regulators to investigate possible violations committed by financial institutions of the Law on Equal Credit Opportunities, Antitrust regulations and consumer protection rules. If irregularities are verified, it indicates that the sanctions could include fines, legal agreements or different disciplinary measures.

Although the draft of the reported text does not mention specific banks, it refers to previous cases such as Bank of America, accused of closing the accounts of a Christian organization that operated in Uganda. The entity justified its decision claiming that it does not provide services to small businesses with activities outside the United States.

In addition, the initiative attacks the participation of certain banks in the investigation of the assault on the Capitol of January 6, 2021, suggesting that some of their decisions could have been motivated by political considerations.

The text also asks the Federal Agency for the Development of Small Business to audite the behavior of banks that participate in their loan programs.

There is still no confirmed date, but sources close to the process indicate that The signature of the order could be realized this week. However, possible delays or modifications in the final content of the document are not ruled out.

The news soon generated reactions within the community. Paul Barron, recognized technologist and investor, described this possible executive order as “the largest catalyst since the approval of the Bitcoin ETF.”

Barron stressed that The measure would force all the big banks to accept companies linked to cryptocurrenciesanticipating the massive arrival of institutional capital to the sector.

For his part, Changpeng Zhao (CZ), CEO of Binance, said that until now numerous banks in the United States blocked cryptocurrency related transactions, making it difficult to convert Fíat currency for the purchase of digital assets.

According to CZ, the new initiative would open the doors to greater banking inclusion globally, facilitating the access of cryptocurrency companies and users to the traditional financial system.

THE SHADOW OF OPERATION CHOKEPOINT 2.0

Ecosystem representatives They have long denounced unjustified obstacles to access the financial system. They argue that, during the previous administration, by Joe Biden, a culture of exclusion was strengthened towards certain sectors, especially towards companies linked to Bitcoin (BTC) and cryptocurrencies.

The background of this alleged regulatory offensive can be linked to what the industry called Operation Chokepoint 2.0: a set of actions undertaken between 2022 and 2024 by federal agencies that, according to complaints, would have pressed the banks to break ties with companies in the sector.

As Cryptonotics reported, under the argument of financial and reputational risks, organizations such as the FDIC and the SEC would have resorted to indirect mechanisms – such as warning letters and regulatory adjustments – to hinder the access of projects linked to Bitcoin to the banking system.

If this initiative of the Trump government could represent a new change in the relationship between financial institutions and sectors that have been marginalized under previous regulatory frameworks.