Trump Threatens Executive Order Against Banks That Blacklist Crypto Firms

Brace for impact—Washington's crypto cold war just got hotter. Former President Trump is drafting an executive order to punish financial institutions that cut off services to digital asset companies, according to sources close to the administration.

Wall Street vs. Crypto: The Ultimate Showdown

Banks blocking crypto firms? That could soon mean fines, sanctions, or worse under the proposed order. The move targets what Trump allies call 'financial censorship'—while skeptics see it as another gift to the unregulated Wild West of digital finance.

Regulators won't like this one bit. The SEC and Treasury have spent years trying to rein in crypto through banking choke points. Now Trump wants to turn those weapons against the banks themselves—because nothing says 'drain the swamp' like letting crypto exchanges bypass traditional gatekeepers.

The irony? Banks will still charge you $35 for a bounced check while refusing to process million-dollar Bitcoin transactions. Priorities.

What does this mean for crypto?

Binance founder Changpeng Zhao highlighted the significance of this potential order, noting that it could open up banking services to crypto businesses globally.

According to him:

“It used to be that corresponding banks in the US block transactions involving crypto (fiat for buying crypto). This [potential order] opens banking for crypto internationally.”

Crypto advocates like Gabor Gurbacs of Pointsville have suggested creating an anonymous tool or website to flag instances of de-banking and bank discrimination against crypto businesses and individuals.

Other community members noted that the executive order comes in response to growing concerns that US banks are launching “Operation Chokepoint 3.0,” a perceived initiative to block access to financial services for crypto entities.

Last month, Gemini co-founder Tyler Winklevoss criticized JPMorgan’s decision to charge fintech firms for access to customer banking data.

Winklevoss argued that such actions could financially cripple fintech companies that facilitate crypto purchases, claiming it is an attempt to limit consumer access to banking data via third-party platforms like Plaid.

He stated:

“Jamie Dimon and his cronies are trying to undercut President Trump’s mandate to make America the pro innovation and the crypto capital of the world. We must fight back!”