U.S. President Donald Trump is reportedly preparing an executive order that would penalize banks for blocking transactions involving bitcoin and other digital asset companies, according to the Wall Street Journal.
Fines
The proposed order aims to introduce fines and other disciplinary actions for banks that refuse to process transactions linked to digital assets—a longstanding issue within the bitcoin sector, particularly for fiat-to-bitcoin conversions.
These measures are seen as part of Trump’s broader effort to establish the US as a global leader in the digital asset market and to dismantle financial barriers faced by the industry.
Addressing long-standing discrimination
For years, US correspondent banks have frequently denied services to bitcoin-related businesses, citing regulatory or compliance concerns.
The new executive order would seek to end what is seen as discriminatory de-banking by holding financial institutions accountable.
Global implications for bitcoin businesses
Binance founder Changpeng Zhao commented on the order’s potential reach:
“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.”
Advocates such as Gabor Gurbacs have called for tools to anonymously flag cases of bank discrimination against bitcoin businesses and individuals.
The move comes amid concerns of an unofficial “Operation Chokepoint 3.0,” which some believe is an attempt by banks to restrict access to financial services for digital asset companies.
Industry response and calls for action
Gemini co-founder Tyler Winklevoss has criticized recent bank practices, including JPMorgan’s decision to charge fintech firms for access to customer banking data.
He argued this could hamper consumer access to platforms that facilitate bitcoin purchases. Winklevoss 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 executive order, if signed, could mark a significant shift for the bitcoin industry, potentially lowering operational barriers for businesses and improving access to banking services.
