Bitcoin Price Holds $115K as White House Targets Bitcoin And Crypto Debanking in New Order

Bitcoin Magazine

Bitcoin Price Holds $115K as White House Targets Bitcoin And Crypto Debanking in New Order

The price of Bitcoin is holding strong at $115,000 as the White House is preparing to crack down on banks accused of debanking Bitcoin & cryptocurrency companies and politically conservative organizations.

According to a new Wall Street Journal report, the Trump administration is finalizing an executive order that would penalize banks that deny services to customers based on political beliefs or Bitcoin and crypto affiliations — a move that would be a major policy shift in favor of the digital asset industry.

“The White House is preparing to step up pressure against big banks over perceived discrimination against conservatives and crypto companies with an executive order that threatens to fine lenders that drop customers for political reasons,” the WSJ reported.

The draft executive order, viewed by the Journal, directs federal regulators to investigate whether any financial institutions have violated laws such as the Equal Credit Opportunity Act, antitrust rules, or consumer financial protection statutes. If so, violators could be subject to monetary penalties, consent decrees or other disciplinary measures, according to the draft.

The executive order comes after years of complaints from Bitcoin and crypto companies, which have said they were systematically shut out of traditional banking services under the Biden administration. Many firms struggled to maintain checking accounts, access payment processors, or receive basic credit services — a trend known as “crypto debanking.”

Banks have defended their decisions by citing legal, regulatory, or financial risks — particularly concerns about compliance with anti-money-laundering laws. However, under the draft order, regulators would be told to eliminate internal policies that may have contributed to debanking practices and to review banks’ participation in federal lending programs.

While the draft does not explicitly name any banks, it references a controversy involving Bank of America, which was accused of closing accounts belonging to a Christian nonprofit operating in Uganda. The bank responded, saying that it doesn’t serve small businesses operating outside the U.S.

The draft also criticizes banks’ involvement in the federal investigation of the January 6th Capitol riot, further signaling the administration’s intent to confront what it sees as ideological targeting in the financial sector.

“Banks have been on edge about potential action by the Trump administration,” the Journal noted, referencing its earlier June report on similar executive order discussions.

A Bank of America spokesman commented: “We’ve provided detailed proposals and will continue to work with the administration and Congress to improve the regulatory framework.”

As the order could be signed as soon as this week, and with regulators instructed to refer potential violations to the Attorney General, the policy could mark a turning point as the administration’s push to restore banking access could unlock critical infrastructure for crypto firms that have long operated on the fringes of the U.S. banking system.

This post Bitcoin Price Holds $115K as White House Targets Bitcoin And Crypto Debanking in New Order first appeared on Bitcoin Magazine and is written by Nik.