Banks to Receive Warning from Trump Regarding Cryptocurrency Debanking
In a significant move, former President Donald Trump has signed an executive order titled "Guaranteeing Fair Banking for All Americans." The order, aimed at addressing politicized or unlawful debanking practices, particularly those affecting crypto firms and conservative groups, was signed on August 7, 2025 [1][2][3][4].
The order directs federal banking regulators, including the Consumer Financial Protection Bureau (CFPB), Federal Reserve Board, Office of the Comptroller of the Currency (OCC), National Credit Union Administration (NCUA), the Small Business Administration (SBA), and the Treasury, to identify and investigate banks and credit unions that have engaged in debanking based on political views, religious beliefs, or lawful business activities [1][4][5].
These regulators are tasked with removing "reputational risk" considerations that may enable such debanking and conducting a review of past and current institutional policies within 120 days. Potential penalties for violators could include fines, consent decrees, or other legal consequences [1][3][4].
The executive order emphasizes that banks must make decisions based strictly on "individualized, objective, and risk-based analyses" and prohibits denying services due to constitutionally or statutorily protected beliefs or affiliations [1][4][5]. It also signals a comprehensive federal approach to combat politicized debanking, including developing strategies for potential legislative or regulatory solutions. The SBA is instructed to encourage reinstatement efforts for those previously denied services unlawfully [1][4][5].
This action follows prior Trump administration efforts to address politicized debanking, notably the 2020-era OCC Fair Access Rule, which was paused and never implemented under the subsequent Biden administration. The new executive order marks a significant federal intensification of scrutiny and remediation around politically motivated denials of financial services, with an explicit focus on ensuring fair access for all Americans, including politically conservative groups and crypto-related businesses [2][3][5].
Interestingly, crypto donors were heavily represented at a "crypto and AI innovators dinner" hosted by Trump in Virginia in May. The New York Times reports that crypto-related entities have donated nearly $45 million to Trump's political groups this year, including firms like Crypto.com, Blockchain.com, Ondo Finance, Circle, and venture capital giants Marc Andreessen and Ben Horowitz [6].
However, the order does not mention any investigation into whether any banks violated antitrust laws, unlike the earlier reported executive order [7]. The White House has yet to officially comment on the report, suggesting that the plan could still change.
[1] The Wall Street Journal, "Trump Signs Executive Order Targeting Politically Biased Debanking Practices," August 7, 2025. [2] CoinDesk, "Trump's New Executive Order Targets Crypto Debanking," August 8, 2025. [3] Forbes, "Donald Trump's New Executive Order Tackles Crypto Debanking," August 9, 2025. [4] The Hill, "Trump Signs Order Targeting Crypto Debanking," August 10, 2025. [5] Bloomberg, "Trump's Executive Order Targets Politically Biased Debanking Practices," August 11, 2025. [6] The New York Times, "Crypto Donors Flock to Trump's Political Groups," July 30, 2025. [7] Axios, "Trump's New Executive Order Doesn't Mention Antitrust Investigations," August 8, 2025.
- The executive order signed by former President Donald Trump on August 7, 2025, aims to address debanking practices in the business sector that are politically motivated or unlawful.
- Federal regulators, such as the Consumer Financial Protection Bureau (CFPB), Federal Reserve Board, Office of the Comptroller of the Currency (OCC), National Credit Union Administration (NCUA), the Small Business Administration (SBA), and the Treasury, have been instructed to investigate banks and credit unions that have denied services based on political views, religious beliefs, or lawful business activities.
