Donald Trump is gearing up to sign a presidential decree punishing banks that engage in ‘debanking’ against crypto companies or political opponents, with severe sanctions on the line.
The decree includes an investigation into violations of laws such as the Equal Credit Opportunity Act and antitrust regulations, aiming to put an end to ‘political discrimination’ in the banking sector.
Facing this offensive, banks are already adapting their policies, while the crypto industry, supported by big names like Coinbase and a16z, is mobilizing to defend its rights to access banking services.
The American president wants to hit where it hurts: the banks. An explosive decree is about to be signed by Donald Trump to sanction financial institutions accused of cutting off banking access to crypto companies, and more broadly to any entity deemed ‘politically sensitive’. An unprecedented measure that could reshape the banking environment for the entire Web3 ecosystem in the United States.
On l’appelait Operation Choke Point 2.0. Sous l’ère Biden, plusieurs sociétés crypto ont vu leurs comptes fermés sans avertissement. Officiellement pour des raisons de conformité, officieusement pour des considérations politiques. Le phénomène a rappelé une première vague d’exclusions bancaires initiée en 2013 par le Département de la Justice, ciblant alors les secteurs jugés à risque comme les armes ou les prêts à court terme.
Trump veut y mettre un terme définitif.
A Direct Response to Operation Choke Point 2.0
According to the Wall Street Journal, the decree includes fines, lawsuits, and consent decrees for institutions found guilty of ‘political discrimination’. It also orders an investigation into potential violations of key laws:
- Equal Credit Opportunity Act
- Antitrust laws
- Consumer protection regulations
In plain terms: Trump no longer wants banks to be able to close an account simply because it belongs to a crypto company or a political opponent.
And it’s more than just talk: the signature could come as early as this week.
Banks Are Already Reacting
Anticipating the warning shot, several major American banks have started to amend their internal policies. Some have even met with Republican prosecutors to defuse criticisms. The message is clear: they don’t want to be the first on the blacklist of the next president.
The CEO of Bank of America has also voiced support for the president, stating that this is an important point to delve into.
On the regulators’ side, the Fed, OCC, and FDIC have already declared that they will no longer consider ‘reputational risk’ in their evaluations. A breach opened by Trump… one he intends to widen.
The Crypto Industry Mobilizing
Since his re-election in November 2024, Trump has received support from heavyweight figures in the crypto sector:
Marc Andreessen (a16z), Jesse Powell (Kraken), Brian Armstrong (Coinbase), the Winklevoss twins (Gemini), Sam Kazemian (Frax)… All denounce concrete cases of debanking.
An official investigation was launched in January by the House of Representatives, aiming to collect testimonies from Coinbase, Kraken, Uniswap Labs, and other victims.
To top it off, Eric Trump himself stated that he got into crypto following the closure of his bank accounts. ‘They attacked us for no reason. That’s when I understood how essential crypto was.’
With this decree, Trump sends a strong message: crypto will no longer be a scapegoat of the American banking system. If the text is signed, it could well join the list of founding acts of an openly pro-crypto turn from the White House.
