President Trump will sign an executive order to protect cryptocurrency companies and individuals from the impact of "debanking."
BlockBeats News, August 5th, according to The Wall Street Journal, President Trump is preparing to sign an executive order targeting financial institutions for engaging in de-risking behavior toward businesses and individuals, including cryptocurrency companies.
According to a draft of the executive order seen by the media, the decree aims to address discrimination against cryptocurrency companies and conservative individuals, threatening fines against banks that cut off customer relationships for political reasons and imposing consent orders or other disciplinary actions. The executive order also directs regulatory agencies to investigate whether any financial institutions have violated the Equal Credit Opportunity Act, antitrust laws, or consumer financial protection laws. However, the executive order does not name any specific companies. Sources familiar with the matter said the executive order could be signed as early as this week, but it could also be delayed.
“Debanking,” also known as Operation Choke Point 2.0, refers to targeted actions to disconnect cryptocurrency and other businesses from financial services under the backdrop of increased regulatory efforts by the Biden administration. “Operation Choke Point 1.0” was an initiative launched by the U.S. Department of Justice in 2013 aimed at restricting bank services to industries deemed to have a high risk of fraud, such as payday lenders and gun dealers.
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