The White House is drafting an executive order to penalize banks for cutting off customer relationships due to political or ideological reasons, targeting what conservatives and crypto enterprises describe as "financial discrimination". According to the draft obtained by The Wall Street Journal, the order requires regulators to investigate potential violations of the Equal Credit Opportunity Act, antitrust laws, or consumer protection laws. Banks found in violation may face fines, settlement agreements, or other penalties.
The order mentions several high-profile cases, including the 2023 incident where US banks closed the account of a Ugandan Christian charity organization—the bank stated this was based on its policy of "not serving small overseas enterprises". The draft also reviews financial institutions' cooperation with federal investigations into the January 6th congressional riot, urging regulators to address potential biases.
This indicates increasingly strict regulatory scrutiny of banks' treatment of crypto enterprises, who have long complained about accounts being closed without cause. While not naming specific banks or cryptocurrencies, the order may strengthen digital asset advocates' position in seeking fair financial services.
