Trump Administration Mulls ‘Debanking’ Executive Order: Report
The Trump administration is considering an executive order to prevent banks from denying services to politically unfavorable industries, including cryptocurrency firms. This initiative responds to claims of a coordinated debanking campaign, referred to as "Operation Chokepoint 2.0," which allegedly targeted at least 30 tech and crypto founders during the Biden administration. Major banks, including JPMorgan Chase and Citigroup, have defended their practices against accusations of refusing services to certain industries. Senator Elizabeth Warren has called for action against banks for denying services based on political or industry affiliations. The US banking system faced challenges in March 2023 with the collapse of Silicon Valley Bank and the liquidation of Silvergate Bank, which some view as part of the debanking effort against the crypto sector. Concerns about ongoing debanking may persist until 2026, despite a more favorable regulatory environment under Trump.
