Trump Takes on Debanking: Executive Order Targets Crypto Crackdown

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In a major move for the crypto sector, President Donald Trump is set to order a sweeping investigation into alleged debanking of digital asset firms and conservative organizations.

Per a draft seen by The Wall Street Journal, the executive order will task banking regulators with probing whether financial institutions unlawfully denied services—potentially violating antitrust and fair lending laws. Firms found guilty could face penalties.

Crypto executives have long claimed the Biden administration orchestrated a backdoor crackdown by pressuring banks to drop crypto clients. The order would also force regulators to scrap policies that contributed to debanking and require the Small Business Administration to reassess loan guarantees.