BREAKING: Trump Moves to Kill Debanking—US Banks Forced to Play Nice with Crypto?

Washington just got a seismic jolt—former President Trump is drafting an executive order to dismantle 'debanking' in US financial institutions. The move could force banks to stop blacklisting crypto firms and politically unpopular clients overnight.

Wall Street's gatekeepers are sweating. For years, megabanks have quietly axed accounts tied to digital assets or conservative causes under vague 'risk management' policies. Now, the hammer might drop on their arbitrary shutdowns.

Insiders whisper the order could mandate due process for account closures—a nightmare for compliance departments used to acting as judge, jury, and executioner. One banking lobbyist groaned: 'They’ll make us serve every unprofitable customer with a subpoena and a smile.'

Crypto exchanges are already popping champagne corks. Meanwhile, traditional finance braces for the irony: after decades fighting deregulation, they’re begging for bureaucracy to save them from free-market consequences.

Final thought? Nothing unites libertarians and anarcho-capitalists faster than watching banks squirm under rules they wrote for everyone else.

The order directs federal banking regulators to remove the “reputational risk” language from their guidance to lending institutions — a broad concept that crypto and other businesses say led mainstream lenders to ice them out. It also instructs regulators to review banks’ past or current policies “encouraging politicized or unlawful debanking,” according to a senior White House official. Debanking has long caused problems for undocumented people and poor Americans, who often have to resort to unregulated payday lenders with much higher interest rates to make ends meet. Recently, the term has been used by conservative groups that claim they are victims of a left-wing value system that’s taken root across Corporate America.

The Trump crypto debanking order targets what critics are callingwhich is the alleged systematic denial of banking services to crypto firms during the Biden administration. Banking regulators WOULD be directed to examine potential violations of equal credit laws and also consumer protection regulations, with violating institutions facing financial penalties along with enforcement actions.

On Tuesday, Trump accused JPMorgan Chase and Bank of America of rejecting his business after his first term ended. “The banks discriminated against me very badly, and I was very good to the banks,” he told CNBC. Meanwhile JPMorgan spokesperson on Tuesday reiterated the bank’s statement that it doesn’t close accounts for political reasons but said it agrees with President Trump that “regulatory change is desperately needed.”