Trump considers executive order to penalize banks blocking crypto companies
US President Donald Trump is reportedly preparing to sign an executive order aimed at curbing discrimination against the crypto industry by US banks, the Wall Street Journal reported on Aug. 4.
According to sources familiar with the matter, the order would introduce fines for banks that block transactions involving crypto companies.
This measure would address a longstanding issue in the crypto sector, where US correspondent banks have often refused to process transactions related to digital assets, particularly those involving the conversion of fiat to crypto.
The report also stated that the executive order could include monetary penalties and other forms of discipline for banks that engage in crypto discrimination.
This potential executive order is part of Trump’s broader agenda to position the US as the undisputed leader in the global digital asset market.
Since the beginning of the year, the Trump administration has worked to provide clarity on issues such as crypto registration, custody, trading, and record-keeping. These efforts are designed to create an environment that fosters innovation and consumer access to crypto products by simplifying regulations and cutting through bureaucratic red tape.
What does this mean for crypto?
Binance founder Changpeng Zhao highlighted the significance of this potential order, noting that it could open up banking services to crypto businesses globally.
According to him:
“It used to be that corresponding banks in the US block transactions involving crypto (fiat for buying crypto). This [potential order] opens banking for crypto internationally.”
Crypto advocates like Gabor Gurbacs of Pointsville have suggested creating an anonymous tool or website to flag instances of de-banking and bank discrimination against crypto businesses and individuals.
Other community members noted that the executive order comes in response to growing concerns that US banks are launching “Operation Chokepoint 3.0,” a perceived initiative to block access to financial services for crypto entities.
Last month, Gemini co-founder Tyler Winklevoss criticized JPMorgan’s decision to charge fintech firms for access to customer banking data.
Winklevoss argued that such actions could financially cripple fintech companies that facilitate crypto purchases, claiming it is an attempt to limit consumer access to banking data via third-party platforms like Plaid.
He stated:
“Jamie Dimon and his cronies are trying to undercut President Trump’s mandate to make America the pro innovation and the crypto capital of the world. We must fight back!”
The post Trump considers executive order to penalize banks blocking crypto companies appeared first on CryptoSlate.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
How much CPO demand will Nvidia Rubin Ultra generate? Bernstein: Optical value per Pod will increase fivefold
Bernstein believes that the co-packaged optics (CPO) and fiber demand driven by Nvidia's Rubin Ultra architecture will surge significantly, with the optical content per Pod rising from $1 million to $5.4 million. This will propel the size of Nvidia's optical ecosystem market to $46.8 billion by 2028 (a 91% annual increase). Although the industry faces supply bottlenecks with InP substrates, the outlook remains positive. The institution reiterates its “outperform” rating for Lumentum, Coherent, and Ciena.
UBS Q3 implements a two-way strategy with gold options, heavily invests in technology stocks, and builds positions in SK Hynix (SKHY.US)
UBS Group (UBS.US) has submitted its Q3 holdings report (13F) as of September 30, 2026.
SpaceX (SPCX.US) reportedly attempts “de-Nvidiaization” at the rack level: developing Kessel cabinets to bypass L6 compute boards, purchasing only chips
SemiAnalysis: SpaceX has developed its own Kessel cabinet, bypassing Nvidia's L6 cards to provide more options for manufacturing its own hardware.
$3.7 billion “data center power equipment prepayments” abandoned! What did "the most active buyer of gas turbines", SoftBank, see?
In the second quarter of fiscal year 2026, SoftBank reported a net loss of $7.1 billion, primarily due to a $3.7 billion impairment charge from a $9.5 billion advance payment for power generation equipment for US data centers—of which about $2.9 billion was non-refundable and effectively lost. The CFO admitted that SoftBank placed orders before the project plan was finalized, and is now conducting a comprehensive review of its procurement strategy. "The most aggressive purchaser of gas turbines has now written off the deposit in this way."
Crypto prices
More
