U.S. President Donald Trump reportedly plans to sign an executive order directing banking regulators to investigate claims filed by cryptocurrency departments and conservatives to dismiss the lawsuit.
According to what you see and Report Monday, The Wall Street Journal.
Those found to violate the law may face fines or other legal action. Trump may sign the order this week, but the White House may delay or change plans.
Crypto industry executives have long claimed Biden administration Conspiracy to cut cryptocurrency Use regulators from the financial system to put pressure on banks to avoid customers involved in digital assets.
Executive Order Requires Investigation
The report’s draft order directs bank regulators to repeal any policies that could cause banks to abandon certain clients, such as crypto companies.
It also directs the U.S. government’s small business management to review banking operations to ensure loans provided by the agency to small businesses.
The order requires regulators to forward some potential violations to the Attorney General for the Department to follow up.
The journal reported in June that the White House was Plan Trump Sign similar orders to prevent banks from cutting services to industries such as cryptocurrencies.
“Operational Obstacle Point 2.0” claims
Crypto executives claim former President Joe Biden began to leave the banking industry by the end of 2022 after the FTX crash, and crypto exchanges were revealed as huge fraud.
Paul Grewal, Chief Legal Officer, Coinbase Testify at a Congressional hearing In February, the Biden-era Federal Deposit Insurance Corporation (FDIC) “puts banks in trouble” and conducted exams and questions on Crypto and Stablecoin until they “reduced under pressure.”
The FDIC lawsuit against FDIC, supported by Coinbase, shows that the agency has asked certain financial institutions Suspend crypto banking activitiesGreval said this shows that the industry’s claims are “not just crypto conspiracy theories.”
Crypto Venture capitalist Nic Carter coined the term “Choce Point 2.0” in February 2023 to describe the shocking phase-out phenomenon, drawing inspiration from the Justice Department’s inspiration for “Choce Point” for banks and payday lenders in the 2010s.
Trump’s order also targets so-called political elimination
The order will also report that it will also investigate the role of banks in denying or canceling services to politically conservatives.
Related: White House crypto rules bring SEC-CFTC clarity to US crypto firms: Lawyers
The magazine reported that the draft did not name any specific banks, but it did criticize the role of financial institutions, which was said to have helped federal investigators explore the riots at the U.S. Capitol on January 6, 2021.
Conservatives also claim that banks deny their services based on political beliefs.
The banking industry calls this practice a “disparaging” and financial institutions have extensive discretion to close accounts, regardless of whether the account holder poses a legal, financial or reputational risk to the company.
The Fed said in June Stop checking reputation risks Follow similar actions taken by the Office of the Auditor General of the Currency and the FDIC Office.
Legal Team: Crypto wants to overthrow the bank and is now in a fight at Stablecoin
