President Donald Trump is preparing to sign an executive order aimed at penalizing banks that allegedly “debank” crypto firms and conservative organizations.
By Parth Dubey
Editor Julia Sakovich
Updated
3 mins read
President Donald Trump is reportedly preparing to sign an executive order with major implications for the crypto industry.
The order is an aggressive move against what Trump’s administration views as politically motivated “debanking” by major banks in the US.
JUST IN: 🇺🇸 President Trump is preparing to sign an executive order to target banks that discriminate against crypto companies. pic.twitter.com/u2Pf3410O7
— Bitcoin Junkies (@BTCjunkies) August 5, 2025
According to a draft obtained by The Wall Street Journal, Trump’s order will instruct banking regulators to investigate whether financial institutions have discriminated against customers on the basis of political affiliation or involvement in crypto.
If violations are found, banks could face monetary penalties, consent decrees, or other legal consequences.
The order, which could be signed as soon as this week, will direct agencies to probe whether any banks violated antitrust laws, the Equal Credit Opportunity Act, consumer financial protection laws, or fair lending practices.
The White House has yet to officially comment on the report, i.e., the plan could still change.
The move comes amid longstanding claims by crypto executives and conservative groups that the federal banking system has systematically targeted them for exclusion, particularly during the Biden administration.
Industry leaders have alleged that regulators were pressured to sever ties with digital asset firms following the collapse of FTX in 2022.
Paul Grewal, chief legal officer at Coinbase, testified before Congress earlier this year that under the Joe Biden-era administration, the Federal Deposit Insurance Corporation (FDIC) effectively pressured banks to pull back from servicing crypto clients.
The reported executive order goes beyond just addressing crypto debanking. It also instructs the Small Business Administration (SBA) to review lending guarantees to ensure they aren’t contributing to discrimination against certain industries or political groups.
Furthermore, regulators would be required to eliminate internal policies that might encourage banks to “derisk” by dropping customers for reputational or political reasons.
Trump’s crypto favor seems to have come at steep costs, with The New York Times highlighting political donations from the crypto sector to Trump-aligned super PACs in a report.
Crypto-related entities have donated nearly $45 million to Trump’s political groups this year alone, including firms like Crypto.com, Blockchain.com, Ondo Finance, Circle, and venture capital giants Marc Andreessen and Ben Horowitz.
Eric Schiermeyer, founder of Gala Games, paid $1 million to attend a private dinner with Trump at Mar-a-Lago in March, where he pitched a government-backed cryptocurrency called “U.S.A. Token.”
Crypto donors were also heavily represented at a “crypto and AI innovators dinner” hosted by Trump in Virginia in May, signaling the industry’s closeness with Washington under the new administration.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.
