Donald Trump, who has taken the opposite stance to Biden on cryptocurrencies, will now begin investigating certain practices carried out in recent years targeting cryptocurrency companies and Republican Party supporters. Trump is also expected to issue an executive order on the matter.
Trump to Order Investigation into Bank Discrimination Against Crypto Firms and Conservatives
Former U.S. President Donald Trump is reportedly preparing to issue an executive order directing regulators to investigate whether financial institutions unfairly denied services to cryptocurrency companies and Republican-aligned individuals or organizations in recent years.
According to a Wall Street Journal report, the directive will scrutinize actions taken by banks that may have resulted in account closures or restricted access to financial services for both crypto-related businesses and conservative political groups.
“Choke Point 2.0” Under the Microscope
This effort appears to be a direct response to what critics have dubbed “Operation Choke Point 2.0”—a term used to describe the alleged pressure campaign during the Biden administration targeting crypto firms and right-leaning organizations.
The name is a revival of “Operation Choke Point,” a program launched under President Obama aimed at cutting off banking access to industries deemed high-risk or illicit. While initially designed to tackle fraud-prone sectors, the strategy has since been criticized for being weaponized against disfavored legal industries and political opponents.
In its modern version, the crypto sector became a key target starting in 2022, with industry insiders claiming that banks, under federal pressure, severed ties or refused services to legitimate blockchain startups and businesses.
Crypto-Banking Crisis Triggered Suspicion
The move gained momentum after the March 2023 banking crisis, where several crypto-friendly banks—Silvergate, Silicon Valley Bank, and First Republic Bank—collapsed or were absorbed by larger institutions. These incidents fueled suspicions that the crypto sector had been deliberately isolated from the traditional banking system.
What’s Allegedly at Stake?
Under the policies now under scrutiny, banks reportedly:
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Closed or refused to open accounts for crypto-related firms,
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Terminated partnerships without clear justification,
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Engaged in behavior that may have violated antitrust laws.
Trump’s forthcoming executive order is expected to roll back these exclusionary practices, aiming to restore banking access for crypto companies and politically marginalized groups.
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