- Donald Trump is preparing an executive order to examine alleged discriminatory banking practices against cryptocurrency firms and conservative groups.
- The order will direct regulators to look into possible violations of equal credit and consumer protection laws targeting crypto companies.
- Three “Made in USA” tokens—Injective (INJ), Stellar (XLM), and Zebec Network (ZBCN)—are experiencing increased trader interest ahead of the August 7 crypto tariffs.
- Crypto executives, including Nathan McCauley and Caitlin Long, have reported accounts being closed over alleged political and industry biases.
- The investigation follows criticism of “Operation Chokepoint 2.0,” accused of limiting crypto firms’ access to banking services during the previous administration.
Donald Trump‘s administration is setting up an executive order to probe claims that U.S. banks have unfairly denied financial services to cryptocurrency businesses and conservative organizations. The action comes as traders focus on American-based tokens before the August 7 introduction of new crypto tariffs.
The executive order would require federal banking regulators to investigate whether current policies break equal credit opportunity or consumer protection rules. Agencies could face fines and enforcement if they are found to have violated laws. According to reports, the inquiry specifically targets areas where crypto firms and their associates have lost access to essential banking functions.
Banking restrictions, labeled by critics as “Operation Chokepoint 2.0,” have led to sudden account closures impacting digital asset companies. Nathan McCauley, CEO of Anchorage Digital, said, “We had a bank that we had a growing relationship with for a number of years, who basically on a dime, decided to turn off our bank account.” Caitlin Long, founder and CEO of Custodia Bank, stated, “Trump’s crypto executive order excludes the Fed & FDIC from the digital asset working group. Both tried to kill the industry through debanking & especially targeted my company.”
Market interest is shifting to U.S.-origin tokens such as Injective (INJ), Stellar (XLM), and Zebec Network (ZBCN). Over the past 24 hours, INJ rose 10% and XLM gained 13%, while ZBCN was up 27% for the week. Analysts note these tokens could see further movement due to the government’s regulatory actions and the upcoming tariffs. Technical indicators show momentum for these assets, with INJ trading above key support levels and XLM approaching resistance.
The federal review also brings renewed discussion about guidance sent by agencies like the FDIC, which has in the past asked some companies to pause crypto activities. For more background, see this FDIC letter from 2022.
The executive order and the resulting investigation are seen as potentially reshaping how American crypto firms interact with traditional banks, especially as new tariffs take effect. The process will also monitor whether federal policies align with laws intended to provide equal financial services access.
For further updates and the full executive order details, consult the original coverage here.
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