In a bold move aimed at reshaping the U.S. financial landscape, the White House is reportedly preparing an executive order that would penalize banks found guilty of discriminating against cryptocurrency companies and conservative organizations.
What’s in the Executive Order?
According to senior administration sources, the upcoming order will:
- Launch federal investigations into banks accused of unfairly closing accounts or denying services to crypto-related businesses or politically aligned individuals.
- Impose fines and potential sanctions on financial institutions found in violation.
- Mandate equal access to financial infrastructure for legally operating crypto firms.
White House Statement:
“The American financial system must be neutral, fair, and free from ideological bias. No business or citizen should be denied banking access based on their industry or beliefs.”
Why This Matters for Crypto:
- Crypto-Friendly Policy: This signals a pro-crypto shift in federal policy, especially following recent political changes in Washington.
- Boost in Institutional Confidence: Banks may become more willing to engage with crypto clients, potentially increasing liquidity and market participation.
- Legal Protection: Sets a precedent for legal safeguards protecting the crypto sector from de-banking practices.
Background:
This move follows years of complaints from crypto companies facing sudden account closures, denial of services, and difficulties accessing the U.S. financial system, often without explanation.
In addition, several conservative groups have alleged ideological targeting by large financial institutions.
Market Reaction:
- Bitcoin ($BTC): Trading steady at $115,200
- Ethereum ($ETH): Reclaims $3,700
- Banking Stocks: Some volatility seen in major U.S. bank shares amid the policy news.
Bottom Line:
The White House’s anticipated executive order could usher in a new era of crypto-banking relations, positioning the U.S. as a global leader in financial freedom and innovation.
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