Donald Trump is preparing to sign a comprehensive executive order to investigate banks and regulatory bodies accused of denying cryptocurrency companies their right to vote - a practice that deprives companies of financial services on discriminatory grounds.
According to a report published by The Wall Street Journal on August 4, banking regulators will be directed to investigate whether any financial institutions are violating antitrust laws or consumer financial protection laws or fair lending practices under the Biden administration.
The order also calls on banks to eliminate any internal policies that may lead to the closure of accounts linked to political beliefs or cryptocurrency activities, including those affecting conservative organizations. Institutions found to be in violation may face fines or legal action, with serious cases referred to the Department of Justice.
No banks were named, but a Wall Street Journal article stated that the order is said to criticize the role of companies that allegedly assisted federal investigators in probing the riots that occurred at the U.S. Capitol on January 6, 2021.
Trump's executive order calling for regulatory reforms is expected to be signed this week.
The executive order is also said to direct banks to end any policies that may contribute to the loss of bank customers, including those operating in the cryptocurrency space.
Additionally, the order directs the U.S. Small Business Administration to review its practices in ensuring loans for small businesses.
Reports indicate that Trump may sign the executive order as early as this week, but there is still a chance that the White House may delay or alter the plan.
Finally, the calls for change voiced by cryptocurrency regulators were heard.
The executive order comes after cryptocurrency industry leaders have long accused the Biden administration of attempting to separate cryptocurrencies from the traditional banking system.
Allegations that the previous administration was targeting the industry began in late 2022 following the collapse of FTX, a now-defunct exchange that turned out to be a massive fraud.
In testimony at a congressional hearing in February, Paul Grewal, Chief Legal Officer at Coinbase, stated that the Federal Deposit Insurance Corporation (FDIC) under Biden "pressured banks" through checks and questions related to cryptocurrencies until they ultimately "succumbed to the pressure."
