A draft executive order under the Trump administration aims to penalize banks that discriminate against crypto firms.
Binance founder Changpeng Zhao praised the latest White House executive order under consideration, which seeks to prevent banks from taking an anti-crypto stance. Zhao stated that the United States has achieved a major breakthrough in its crypto policy. According to the new directive, banks could face stricter fines for having a bias against crypto.
Changpeng Zhao Praises White House Order to Embrace Crypto
The White House is preparing an executive order aimed at cracking down on banks that discriminate against crypto firms. According to the latest initiative led by the Trump administration, banks adopting debanking practices against crypto firms could face heavy financial penalties. In the latest development, crypto exchange Gemini accused JPMorgan of preventing them from the re-onboarding process.
Some industry observers view the move as the most significant policy development since the approval of spot Bitcoin ETFs. Veterans like Changpeng Zhao also believe that this could pave the way for broader institutional participation in the crypto space.
Binance founder also praised the move, stating that banks would no longer be able to sideline crypto firms.
It used to be that corresponding banks in the US block transactions involving crypto (fiat for buying crypto).
This opens banking for crypto internationally. https://t.co/yv5nm3fq7X
— CZ 🔶 BNB (@cz_binance) August 5, 2025
If the White House proceeds with the executive order, banks that cut off customers for political reasons could face penalties.
The order would require financial regulators to investigate whether institutions have breached the Equal Credit Opportunity Act, antitrust laws, or consumer protection statutes. Consequences could include monetary fines, consent decrees, and a range of disciplinary actions.
White House Executive Order in Consideration
The Wall Street Journal reports that the executive order remains in draft form. While it could be signed this week, the administration may still revise or postpone it. The draft does not name any specific banks but cites a case involving Bank of America.
However, the American banking industry is opening up to supporting more crypto firms. US-based crypto exchange Coinbase has recently partnered with JPMorgan Chase to roll out integrated credit card services, account linking, and a transferable rewards program for JPMorgan Chase’s 80 million+ global customers.
The development comes shortly after major US banks were accused of hindering the growth of crypto platforms such as Coinbase and Robinhood.
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