Trump Threatens Sanctions on Banks Over Crypto Discrimination

Donald Trump plans to sign a presidential decree to protect crypto companies and other entities targeted by banking exclusion. The text will order regulators to investigate banks’ practices and sanction those that have broken the law by closing accounts for political reasons.

Trump: support for crypto companies

The President of the United States, Donald Trump, plans to sign a presidential decree to prevent banks from refusing services to companies or individuals for political reasons. This text includes players in the crypto sector, often affected by these exclusions.

The draft decree asks regulators to check if some banks have violated laws such as the Equal Credit Opportunity Act, antitrust laws, or consumer protection rules. Guilty banks could face sanctions, including fines or disciplinary measures.

According to the Wall Street Journal, the purpose of this decree is also to remove internal policies that may have facilitated these banking exclusions.

Regulators like the FDIC, OCC, or Federal Reserve will be required to no longer consider “reputational risk” when evaluating relationships between banks and customers.

This text fits within a political will to restore a neutral framework for access to financial services, regardless of the legal activity conducted. In other words, a bank can no longer exclude a customer simply because they operate in crypto or express certain political opinions.

End of Operation Choke Point 2.0

This decree marks the official end of what the crypto sector called “Operation Choke Point 2.0.” Indeed, under the Biden administration, several Web3-related companies were in trouble. They had reported bank service cutoffs without concrete justification.

These practices were often hidden behind compliance arguments. They were seen as a form of indirect pressure against crypto innovation. As a result, Trump ordered federal agencies to remove all internal guidelines likely to encourage this type of exclusion.

The Small Business Administration (SBA) will also have to review its partnerships. The goal is to identify any form of discrimination in granting credit to crypto companies or other targeted sectors.

Several banks have already begun to revise their internal policies. Some have met with Republican attorneys general to ensure they do not cross any regulatory red lines.

Trump now positions himself as the protector of the crypto sector. At the start of 2025, he signed another decree creating a Strategic Reserve of bitcoin and national crypto-assets. He also excluded any central bank digital currency (CBDC) projects, stating that it would threaten individual freedoms. With this new decree, he would sustainably shape the sector’s future in the United States.