President Donald Trump is set to sign an executive order aimed at protecting cryptocurrency companies and conservative organizations from alleged discriminatory banking practices. This measure, reportedly scheduled for implementation this week, will instruct banking regulators to scrutinize violations of equal credit laws and consumer protection regulations in situations where financial institutions terminate customer accounts. The executive order is a response to what critics call 'Operation Chokepoint 2.0,' describing a systematic denial of banking services to crypto firms and politically conservative customers during the Biden administration. Banks found in violation of these regulations may face penalties and enforcement actions. The draft order cites incidents such as Bank of America's closure of accounts for a Christian organization and includes directives for the Federal Reserve to reassess its policies regarding access to banking for crypto entities. If enacted, this corporate welfare for crypto could fundamentally reshape access to banking resources in the digital asset space.

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