President Donald Trump is reportedly preparing to sign an executive order directing banking regulators to investigate claims made by the crypto sector and conservatives regarding debanking. The draft order, seen by The Wall Street Journal, instructs bank regulators to examine whether financial institutions have violated antitrust, consumer financial protection, or fair lending laws, with potential fines or legal actions for those found in violation. The order also aims to eliminate policies that may cause banks to drop specific customers, particularly crypto firms, and includes a review of practices by the Small Business Administration related to loan guarantees. Additionally, it will address allegations of banks denying services to conservative political figures. The banking industry refers to this practice as “derisking,” allowing institutions discretion to close accounts based on perceived risks. The report highlights ongoing tensions after claims from crypto executives regarding pressure from regulators to limit financial services after high-profile collapses in the crypto sector.

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