Introduction
In a surprising yet strategic pivot, former U.S. President Donald Trump is reportedly preparing to sign a sweeping executive order aimed at protecting crypto firms from being frozen out by banks. The proposed order would stop financial institutions from refusing services to crypto companies solely based on their industry or perceived political leanings.
At the heart of this initiative is Trump’s Domestic Policy Council, headed by Vince Haley. If signed, this order would mark a huge leap toward the pro-crypto stance Trump advocated during his campaign, and could shake up the traditional banking sector in the process.
Banks in the Spotlight, Again
The policy stems from increasing complaints, especially from conservative states, accusing major banks of targeting crypto companies and other sectors like firearms and energy due to ideological preferences, not financial risk.
Even Senator Elizabeth Warren, a frequent crypto skeptic, previously called for investigations into banks accused of refusing services based on political or industry bias. Her words were sharp: “No one should be locked out of their bank accounts just because of who they voted for or what industry they work in.”
With banks like JPMorgan, Wells Fargo, and Citibank reportedly holding meetings with officials from Texas and Oklahoma to address these concerns, the pressure is clearly mounting.
Is Crypto Operation Chokepoint 2.0 on Its Way Out?
Within the crypto community, this move is being seen as a potential knockout blow to what’s been dubbed “Operation Chokepoint 2.0”, a rumored campaign by the previous administration to squeeze crypto firms out of the banking system.
Remember March 2023? That month saw three major crypto-friendly banks, Silvergate, Signature, and Silicon Valley Bank, go under, triggering fears of a coordinated clampdown. Since then, over 30 tech and crypto founders have reportedly struggled to gain basic banking access.
Now, Trump’s proposed executive order could turn the tide by mandating fair treatment and opening the door for institutional adoption once again. But there’s a catch, it’s bound to ignite legal debates about how far the federal government can go in influencing private banking behavior.
The Fed’s Position: Guarded Optimism
Interestingly, not everyone in government is dragging their feet. Federal Reserve Chair Jerome Powell recently stated that banks can serve crypto clients, as long as they follow the rules.
His exact words? “Banks get to decide who their customers are… but they are free to serve crypto firms if compliant.”
This nuanced statement, paired with the Trump administration’s aggressive support, suggests a rare alignment between political leadership and central bank policy, at least for now.
Crypto Next Chapter Could Start at the Bank
If Trump’s executive order goes through, it could unlock a new era for crypto in the U.S., where banking isn’t a battleground but a bridge to growth. That’s great news for startups, DeFi builders, and even large institutions waiting on the sidelines for regulatory clarity.
The battle’s not over, but the momentum is shifting. And with banking access being the gateway to legitimacy, this move might just be the most impactful crypto policy play of the year.
The post Trump to Save Crypto: New Order May End Banking Discrimination first appeared on The VR Soldier.