White House Executive Order Targets Banks Discriminating Against Crypto Firms

The Biden administration is preparing an executive order that WOULD penalize U.S. banks for dropping cryptocurrency-related customers without justified cause. The order, expected to be signed this week, directs regulators to investigate potential violations of the Equal Credit Opportunity Act and antitrust laws by financial institutions.

Banks face fines, consent decrees, and other disciplinary measures if found to have debanked crypto companies for political reasons rather than legitimate risk assessments. The move comes amid longstanding complaints from digital asset firms about being systematically excluded from banking services.

Financial institutions maintain their decisions stem from compliance concerns, particularly regarding anti-money laundering regulations. "We've provided detailed proposals and will continue to work with the administration and Congress to improve the regulatory framework," a Bank of America spokesperson stated.