Trump will sign an executive order banning banks from refusing to service based on political or religious views, targeting “off” practices. The order removes “reputation risk” from federal guidelines and calls for a review of past banking policies related to political discrimination. Jpmorgan and Bank of America have refused to explain the closure on political reasons, but have been accused of discriminating against Trump.
President Donald Trump has announced plans to sign an executive order aimed at ending “banking” practices in the United States. This directive will be punished by financial institutions that restrict services based on the client’s political or religious views. According to a senior White House official, the order removes the language of “reputation risk” from federal banking guidelines. Critics say the banks used it to deny services to politically unpopular groups.
The move follows an increase in complaints from conservative circles, and advocates that Crypto is being excluded from the traditional banking system. The order also directs regulators to consider banks’ historical or current policies regarding political bias and to comply with credit and consumer protection laws equally. Banks discovered in violation may face enforcement measures and financial penalties.
The executive order targets “Operation Chalk Point 2.0”
The new policy is described as a response to “Operation Chalk Point 2.0,” which is used to explain what Crypto industry insiders think is systematic bank discrimination under the Biden administration. The Crypto community argues that federal pressure has encouraged banks to deny access to blockchain and digital asset companies without legal justification.
Trump’s executive action aims to reverse these perceived fraud and extend bank protections to all legally operating companies, including those in the crypto sector. Regulators are directed to ensure that banks do not engage in politically motivated discrimination and that access to financial services remains neutral and legal.
Trump has criticised major banks for political discrimination
In a statement to CNBC, Trump accused JPMorgan Chase and Bank of America of cutting off his ties to the business after his first term ended. He argued that his administration handled these institutions well, but would only be politically punished. In response, a JPMorgan spokesman reaffirmed the bank’s stance that account closures were not based on political reasons, but added that it welcomed changes to regulations to clarify industry standards.
This development reflects Trump’s broader push towards establishing himself as an advocate for political neutrality in financial services. It also coincides with the ongoing procrypt stance, including support for domestic digital asset projects and clarity in regulations for blockchain businesses.
Here’s what we know that Post Trump first appeared in Block News to end bank discrimination against crypto, with the signature of an executive order.
