Trump Targets Bank Crackdown on Crypto with New Executive Order

President Donald Trump is preparing an executive order that would investigate whether banks unlawfully denied services to the crypto sector and political groups—a move that could reshape financial regulations.

The draft, reported by The Wall Street Journal, directs banking regulators to probe potential breaches of consumer protection and antitrust laws, with penalties for violations. It also calls for eliminating policies that pushed banks to drop crypto clients and requires the Small Business Administration to audit its lending safeguards.

The crypto industry has accused the Biden administration of covertly pressuring banks to debank digital asset firms. If signed, Trump’s order could mark a significant shift in how financial institutions interact with emerging tech sectors.