Trump will sign an executive order to protect Crypto Assets companies and individuals from the impact of "de-banking."

On August 5, according to The Wall Street Journal, President Trump is preparing to sign an executive order targeting financial institutions for de-banking practices against businesses and individuals, including crypto companies. According to a draft of the executive order seen by the media, it aims to address discrimination against crypto companies and conservatives, threatening banks that cut customer relationships for political reasons with fines and disciplinary actions such as consent orders. The executive order also instructs regulators to investigate whether any financial institution has violated the Equal Credit Opportunity Act, antitrust laws, or the Consumer Financial Protection Act. However, the executive order does not name any specific companies. Insiders say the executive order could be signed as early as this week. "De-banking," also known as Operation Choke Point 2.0, refers to targeted actions aimed at cutting off crypto and other businesses from financial services amid increased regulatory scrutiny by the Biden administration in recent years. "Operation Choke Point 1.0" was an initiative launched by the U.S. Department of Justice in 2013 to limit banking services to industries deemed to have a high risk of fraud, such as payday lenders and gun dealers. Reports indicate that major banks have updated their policies in recent months and met with Republican Attorneys General, indicating that they will not discriminate based on political stance, aiming to seize a federal advantage. During Trump's administration, the Fed, the OCC, and the FDIC have committed to no longer considering "reputational risk" when assessing bank customer relationships.