President Donald Trump is reportedly planning to sign an executive order directing banking regulators to investigate allegations of debanking from the crypto sector and conservatives. The order aims for bank regulators to examine whether financial institutions violated antitrust, consumer protection, or fair lending laws. Should violations be found, those institutions could face legal actions or fines. The White House might delay or revise the plan as Trump may sign the order this week. Critics suggest that since the collapse of FTX in late 2022, the Biden administration has pressured banks to sever ties with crypto companies. Additionally, the executive order intends to address allegations of political debanking, examining if banks have denied service based on political views, particularly those of conservatives. Critics of financial practices refer to this as “derisking.” In June, the Federal Reserve commented on similar actions taken regarding banking services. The draft order includes measures for the Small Business Administration to review banking practices as well.

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