President Donald Trump is set to sign an executive order this week to address the “debanking” of cryptocurrency firms and conservative groups. This order targets policies from the Biden administration known as “Operation Chokepoint 2.0.” It aims to ensure that crypto businesses have fair access to banking services.
Trump to Sign Anti-Debanking Order
According to sources in the administration, the order will be signed on August 7 at 10 a.m. EDT. The draft order tells regulators to remove rules that allow debanking and asks the Small Business Administration to examine banking practices. Banks have changed their policies to avoid criticism and ensure they do not discriminate based on political views after meetings with Republican state officials.
Crypto debanking occurs when banks suddenly close accounts or refuse services to crypto companies for political or regulatory reasons. The newly proposed draft order mandates that regulators conduct thorough investigations into banking institutions suspected of violating credit, antitrust, and consumer protection laws.
Crypto firms feel unfairly treated by banks, with many reporting being isolated. Banks cite legal and financial risks, particularly concerning strict anti-money laundering regulations. This has created challenges for the crypto industry, as over 30 founders from tech and crypto sectors have faced debanking during the Biden administration, leaving many feeling frustrated and abandoned.
Trump’s Order to Protect Crypto Firms
Trump’s current order aims to reverse past practices and restore trust in the sector. This effort builds on previous actions, including a January 23 directive. This directive called for the creation of a dedicated crypto work group to encourage cooperation between industry leaders and regulators.
In March 2025, the president signed an executive order to create a national Bitcoin reserve. This shows the government’s commitment to digital assets. The goal is to make digital assets a part of regular finance and help the industry grow without too many restrictions from traditional banks.
Trump’s executive order could change how crypto firms access banking services, with regulators having already approved crypto services for banks. It may also classify stablecoins as non-securities to make it easier for exchanges to operate. This move shows the administration’s goal to make the U.S. a leader in digital assets.
