Could Trump’s New Order Reopen the Banking Doors for Crypto Companies?

President Donald Trump is expected to sign an executive order in the coming days to investigate claims of the debanking of crypto companies and political conservatives. 

The order addresses allegations that banks are unfairly closing accounts or denying services due to regulatory pressure or political bias, a practice that has triggered debate over discrimination and risk management. 

By requesting regulators to probe such allegations and sanction offenders, the directive seeks to make banking more equitable in its accessibility, resolving a problematic issue at the intersection of finance, technology, and politics.

Operation Choke Point 2.0? Regulators to Scrutinize Bank Practices

Trump’s executive order, expected as early as this week, will direct banking regulators to examine debanking practices under laws such as the Equal Credit Opportunity Act, antitrust regulations, and consumer financial protection regulations. 

Debanking, where banks terminate accounts or refuse services, has been criticized by crypto businesses and conservative groups.

Crypto companies and communities allege regulatory overreach, often referred to as “Operation Choke Point 2.0,” following the 2022 FTX collapse. 

A redacted 2022 FDIC letter, revealed through a Coinbase-supported lawsuit, instructed banks to pause crypto-related activities, prompting accusations of coordinated regulatory pressure. Conservatives, on the other hand, say they are targeted by banks for political or religious reasons, including collaborating with Jan. 6, 2021, Capitol riot investigations.

Trump’s order will mandate investigations into those allegations, with potential penalties including fines or consent orders for banks violating applicable laws. 

Regulators will also be required to stop policies contributing to debanking and review Small Business Administration (SBA) loan guarantee practices to ensure fair access. While there are speculations about the signing that could be this week, delays remain possible due to uncertainties around the timeline.

Banks Face Accusations of Targeting Conservatives

The cryptocurrency industry has been outspoken about debanking, with Coinbase Chief Legal Officer Paul Grewal testifying in February 2025 before Congress about FDIC pressure on banks to restrict crypto services, including stablecoins.

The term “Operation Choke Point 2.0,” coined by Nic Carter in 2023, is similar to a 2010s program targeting banks and payday lenders. Banks, however, argue that account closures, termed “derisking,” result from compliance with anti-money-laundering regulations and financial risk assessments, not regulatory conspiracies.

Conservatives have also accused banks like JPMorgan Chase and Bank of America of closing accounts on political or religious grounds. 

A notable case involves Bank of America closing a Ugandan Christian organization’s accounts, though the bank claimed it was its policy against serving small foreign businesses. 

How Trump’s Order Could Open Banking Doors

The executive order by Trump, if implemented, could allow banking access for crypto firms and conservatives by addressing perceived political and regulatory hurdles. 

The Federal Reserve, OCC, and FDIC’s decision in June 2025 to end reputational risk examinations are all in line with these efforts. Bank of America has welcomed regulatory certainty, promising to work with the administration and Congress.

The ongoing debate centers on whether debanking constitutes deliberate discrimination or is prudent risk management, with banks citing compliance obligations.