🚫U.S.🇺🇸: banks to face penalties for discriminating against crypto companies

🚫U.S.🇺🇸: banks to face penalties for discriminating against crypto companies

Under an executive order signed this Thursday by Donald Trump, violations of the Equal Credit Opportunity Act, antitrust laws, or consumer financial protection regulations will result in fines for banks. The measure applies retroactively, requiring regulators to investigate potential past breaches.

▶️Background: during the Biden administration, banking services for crypto companies were restricted. Account closures for political reasons became common. Banks cited legal and financial grounds that were, in practice, reputational. In November 2024, Elon Musk revealed evidence that 30 tech founders lost bank accounts during that period.

▶️Current measures: Trump’s order instructs Treasury Secretary Scott Bessent to develop a comprehensive strategy to prevent politically motivated account closures, including recommendations for potential regulatory and legislative changes. In the broader crypto sector, the rise of stablecoins is helping bridge gaps between DeFi and traditional finance.

▶️The order gives federal banking regulators 120 days to identify institutions engaging in or having engaged in debanking, and 180 days to review existing complaint data.

#news #USA #crypto

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