White House Targets Financial Bias as Crypto Discrimination Enters Spo

White House Moves to Punish Banks Over Crypto Discrimination

As reported by Paul Barron, the U.S. government is working on a new executive order that could punish banks for closing accounts of virtual asset dealing companies based on political views.

Source: X

If signed, this could be the biggest catalyst since the approval of the Bitcoin ETF , binding major Financial institutions to open doors for the  firms against Crypto Discrimination . But the question is did it come all of sudden or are deeper tensions and recent events driving it?

What Triggered the Move, and Why Now?

The order’s timing is strategic. After years of conflict between the firms and traditional finance, high profile cases have exposed the seriousness. JPMorgan warned Coinbase CEO Brian Armstrong in late 2023 that customers, who mainly earn from digital assets, might see their account closure. Gemini’s Tyler Winklevoss, Frax's Sam Kazemian, and others resemble similar experiences. Even Elon Musk claimed last November that over 30 tech founders were debanked under Biden.

Source: X

These cases have highlighted the Crypto Discrimination that the administration is now trying to end.

The Banks Say Risk, The Crypto World Says Bias

Banks are defending their side by saying that the closure of such accounts was because of money laundering risks and stricter rules they have to follow.

But the sector calls it a mask for Crypto Discrimination, especially when banks are supporting stablecoins now as they are being profited from it. The sector continues to argue that it is not about risk, but ideology. It is now seen as a fight between financial freedom and control of traditional systems.

What Happens If the Executive Order Becomes Law?

If the order is signed by President Trump, it will force the banks to remove the points from their rule books that are leading to Crypto Discrimination. The loans for blockchain startups are going to be more easy, and biased interest rates may also be targeted. It would also allow the rule breaking cases to be directly headed to the Department of Justice, opening a more potential right conservation.

For the industry it could be a blessing that lets it access core financial utilities.

From Censorship to Clarity: A New Era

This order signals a shift, from quiet suppression to direct federal protection against Crypto Discrimination. If passed and enacted as a law, it could open the great opportunity for the market to grow more in the biggest economy state and entry of more new bees in the space.

But at the same time, the fact can't be denied that it is still in a preparation phase, maybe add on will raise further tensions as the traditional suppliers are not in the favourable side.

But wherever it comes, it will surely spark some fresh affairs.