White House Plans New Order to Stop Crypto Debanking

The U.S. government is getting ready to take action to make sure people and businesses are treated fairly by banks. The White House is working on a new order to stop banks from refusing service based on someone’s political beliefs. 

This rule will also protect businesses in certain industries, especially those in crypto. This action is expected to impose strong penalties on financial institutions that violate the law. 

Ending Biased Banking Practices in the U.S.

The executive order, expected to be signed soon, targets a practice known as Operation Chokepoint 3.0. Crypto companies have been the most affected by this situation. 

During the Biden administration, crypto firms like Gemini reportedly said they were debanked by popular banks JPMorgan. 

Big names like Elon Musk and Ripple’s CTO, David Schwartz, have spoken out against the move. Schwartz even said it is like the government is quietly trying to control crypto. Many believe this will slow down new ideas and unfairly hurt growing industries.

Furthermore, the Operation Chokepoint debate is not just about the crypto industry. In the past, banks also cut off businesses in areas like firearms and fossil fuels, raising concerns about political bias. Several public figures and lawmakers have spoken out against this trend. 

Many believe the U.S. financial banking system should treat all legal businesses fairly. The new order aims to make sure they do. The order will enforce laws like the Equal Credit Opportunity Act and antitrust regulations. 

This is to make sure all legal businesses and people are treated fairly. Also, banks that break the rules could face fines or other penalties.

Trump’s Push for Financial Reform 

President Trump’s administration is taking a strong stance on financial fairness, a different approach from the previous one. Since taking office in January 2025, Trump has voiced support for bridging the gap between traditional finance and digital assets. 

He has accused banks like JPMorgan Chase and Bank of America of making politically charged decisions. However, both banks have denied these claims. Trump’s broader reform plan includes changing capital requirements and other banking rules. 

He believes these changes will support economic growth, drive innovation, and make room for emerging industries like crypto.

Growing Support from Tech and Crypto Leaders

The move to end “Operation Chokepoint 3.0” has received strong backing from major players in the tech and crypto world. Binance founder Changpeng Zhao said the order could open banking for crypto internationally.

Meanwhile, venture capital firm Andreessen Horowitz (a16z) has warned that new bank policies like JPMorgan’s added fees for data aggregators could hurt fintech companies. 

a16z added that firms like Venmo, Robinhood, and Coinbase may be among those affected. These industry voices stress that fair banking access is crucial for innovation and could help the economy grow.