The White House is preparing an executive order designed to penalize banks that cut off services to customers because of their political beliefs or associations with cryptocurrency, according to draft documents and multiple news reports.
The move comes in response to years of complaints from conservatives and digital asset companies who allege they have been unfairly “de-banked,” a practice where financial institutions restrict or sever relationships over perceived political or ideological risks rather than legitimate financial concerns.
The draft executive order would instruct federal regulators to investigate whether banks have breached the Equal Credit Opportunity Act, antitrust statutes, or consumer protection laws. Institutions found to have engaged in political or religious discrimination could face fines, consent decrees, or other disciplinary actions.
A notable case referenced in the draft order concerns Bank of America, which has been accused of shutting down accounts belonging to a Christian organization in Uganda. Bank of America stated that the decision was due to its policy of not working with small businesses outside the United States, not because of the group’s religious leanings.
The initiative is widely viewed as a response to complaints from both conservative groups and virtual asset firms, particularly after crypto businesses reported being blocked from banking services in recent years under previous regulatory climates. The White House aims to ensure equal access to the financial system, asserting that no legitimate business or individual should be excluded because of their beliefs or lawful industry.
In a significant development, Pakistan’s Minister for Crypto and Blockchain, Bilal Bin Saqib, visited the White House in June to present the country’s new Strategic Bitcoin Reserve. His visit also aimed at fostering digital asset cooperation with the United States. During his trip, Saqib met with Robert “Bo” Hines, executive director of President Donald Trump’s Council on Digital Assets, to detail Pakistan’s vision for a modern digital economy driven by Bitcoin and blockchain technology.
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