Trump Signs Executive Order Targeting ’Debanking’ of Political and Religious Groups, Potentially Affecting Crypto Firms

President Donald Trump has signed an executive order aimed at preventing financial institutions from denying services based on political or religious ideology. The order specifically targets the vague 'reputational risk' standard that critics argue has been used to discriminate against certain groups. Financial institutions accused of 'debanking' clients—including cryptocurrency firms—could face investigations under the new directive.

The move comes after Trump himself claimed to be a victim of debanking, with major national banks either closing his accounts or refusing to open new ones following his presidency. The order mandates regulators to probe allegations of banking discrimination and requires reinstatement of affected clients. This development could have significant implications for crypto businesses that have long complained about limited access to banking services.