- White House draft order may penalize banks for restricting crypto firms based on political bias, enforcing financial neutrality through fines.
- Banks face accusations of “Operation Chokepoint 3.0” – denying services to crypto businesses since 2021 amid regulatory pressure.
The Trump administration may penalize banks for limiting services to cryptocurrency businesses. A draft executive order proposes enforcement against financial institutions making ideologically driven decisions. Banks could face fines for violating the Equal Credit Opportunity Act or antitrust rules through politically motivated restrictions.
This follows allegations that major banks denied services to crypto firms since 2021. Industry figures labeled these practices “Operation Chokepoint 2.0.” Recent incidents include JPMorgan reportedly freezing Gemini’s account reactivation after public criticism from co-founder Tyler Winklevoss.
Binance founder Changpeng Zhao commented on the development
He suggested the order could facilitate international crypto banking access if implemented. Financial institutions deny acting based on political bias. Banks maintain their decisions reflect standard risk assessments.
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
Alex Rampell of Andreessen Horowitz observed a shift. He noted that while earlier restrictions appeared regulator-driven, recent actions seem initiated by banks themselves. The draft order seeks to ensure neutrality in financial service access.
Conservative policymakers and digital asset advocates have pressured the administration. The proposal responds to claims of targeted exclusion against disfavored sectors. Enforcement would require evidence of discriminatory intent in banking decisions.
The Equal Credit Opportunity Act prohibits credit denial based on business type. Antitrust laws bar collusion to exclude market segments. Consumer protection rules mandate fair service access.
If finalized, the order would represent a policy reversal from prior approaches. Banks would need documentation proving risk-based rationale for restricting crypto clients. Industry observers await the official White House announcement.
