BlockBeats news, on August 5, according to the Wall Street Journal, President Trump is preparing to sign an executive order targeting financial institutions' actions of debanking businesses and individuals, including cryptocurrency companies.
According to a draft executive order seen by the media, the decree aims to address discrimination against cryptocurrency companies and conservative individuals, threatening fines against banks that sever customer relationships for political reasons and taking consent orders or other disciplinary actions. Reportedly, the executive order also instructs regulatory agencies to investigate whether any financial institutions violated the Equal Credit Opportunity Act, antitrust laws, or consumer financial protection laws. However, the executive order does not name any specific companies. Insiders indicate that the executive order may 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 aimed at cutting off cryptocurrency and other businesses from financial services against the backdrop of the Biden administration's intensified regulatory efforts in recent years. 'Operation Choke Point 1.0' was an initiative launched by the U.S. Department of Justice in 2013 to restrict banking services to industries considered to have high fraud risks, such as payday lending and gun dealers.