White House Eyes Crackdown on Banking Bias Against Crypto and Conservatives

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In the latest twist to the ongoing drama of financial regulation, former President Donald Trump, not one to miss an opportunity to make a splash, is gearing up to sign an executive order. This grand piece of bureaucratic wizardry is aimed at, wait for it, cracking down on banks that-shock horror-allegedly deny services to crypto firms and, more controversially, politically conservative entities. Yes, it’s all about the battle between banks and ideologies. Who knew financial institutions had opinions?

Executive Order to Counter ‘Operation Chokepoint 2.0’

Trump, ever the man of action (or at least action-adjacency), is preparing a sweeping executive order that his allies insist will “protect” cryptocurrency companies and conservative-aligned organizations from what they describe as “politically motivated banking restrictions.” Some critics, however, might roll their eyes and call this “Operation Chokepoint 2.0”-a term that basically means the digital asset world is being given a stern talking-to by the financial world. Because apparently, the idea of not liking cryptocurrency is just an *opinion*, not a financial risk. Who knew?

The draft order, as reported by the oh-so-reliable Wall Street Journal, would command federal banking regulators to investigate situations where institutions allegedly terminated customer accounts. The rationale? Something about “equal credit access” and “antitrust” laws-basically a laundry list of legal jargon that no one really expects anyone to understand. But hey, it sounds important, right?

Regulatory Oversight and Penalties

If this order ever sees the light of day, it would force agencies to rip apart internal banking policies that allegedly allow banks to debank customers for nothing more than ideological differences. Banks found guilty of ideological persecution (which is totally a thing, right?) could face regulatory actions and, potentially, the dreaded financial penalties. The Justice Department might even get involved-oh, joy!

And in a plot twist straight out of a courtroom drama, the Federal Reserve’s role in determining who gets to play in the banking sandbox would be under the magnifying glass too. So no more hiding behind “we’re just doing our job” when it comes to who gets access to their shiny, expensive banking systems.

Also, let’s not forget the Small Business Administration-because apparently, they now have to check that their financial pals aren’t playing any dirty political games. Because who doesn’t love a good bureaucratic tango?

Political and Legal Context

Of course, no executive order would be complete without a few juicy political references. This one mentions a juicy tidbit about Bank of America closing a Christian charity’s account in 2023. The bank, ever the champion of transparency, claimed it had internal policies against servicing small businesses abroad. But of course, critics thought it smelled more like a touch of ideological bias. And who could blame them?

In another delightfully spicy detail, the order also references the role of certain banks in federal probes following the January 6 Capitol riots. You know, just in case you thought the whole “political discrimination” thing couldn’t get any juicier. The whole thing smacks of “Hey, let’s make sure no one’s cutting off access to money just because they have a differing opinion!”

Trump himself, speaking to Decrypt, claimed that the big bad banks were “very nasty” toward his business interests during Biden’s term. Why? Because of all the federal pressure, of course. It’s always someone else’s fault, isn’t it?

Industry Response and Legal Challenges

In a stunningly predictable turn of events, some banks have apparently started revising their internal guidelines. Why? To make sure they aren’t doing anything that could be construed as “political discrimination.” They’ve also teamed up with Republican-led states, presumably to prove they’re on the right side of history-or at least on the right side of the political divide. Because nothing says “we’re serious” like a joint financial-political alliance.

Legal experts, however, are already sharpening their legal pencils. One such expert, Alex Chandra (yes, we’re all listening closely), pointed out that executive orders are supposed to enforce existing laws. But if they start creating new ones without congressional approval, well, that’s a whole new ball game. And we all know how much Congress loves a new game.

Chandra also had a word of caution about the whole “political discrimination” thing, noting that political affiliation isn’t exactly a protected class under U.S. anti-discrimination law. So, uh, enforcing these orders could get… tricky. But hey, if you’re a bank, don’t worry. Chandra’s prediction? Banks will find a way to drop customers anyway. They always do.

“Even if the orders are enacted, the banks will find a way to drop customers.” – Wise words from a man who clearly knows how to predict the future of banking.

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2025-08-05 19:11