Trump Considers Executive Action to Safeguard Crypto Firms from Restrictive Banking Practices

Former President Donald Trump is reportedly weighing an executive order designed to shield cryptocurrency companies from restrictive “debanking” practices, according to a report in The Wall Street Journal. “Debanking” refers to financial institutions refusing services or closing accounts based on political or ideological considerations, rather than financial risk. The proposed executive order seeks to ensure that crypto firms are not unfairly discriminated against or targeted by banks and other financial institutions. The move is expected to spark significant debate, with proponents arguing it is necessary to protect the innovative industry and opponents fearing it could expose the financial system to risk.