Trump intends to sign an executive order to end "cryptocurrency debanking", Fed Bauer: Banks can provide services to the cryptocurrency industry

U.S. President Donald Trump is drafting an executive order to end Operation Chokepoint 2.0 for cryptocurrencies. The draft states that banks cannot refuse to open accounts or freeze funds solely because customers are involved in the crypto industry or hold specific political views. (Synopsis: Trump will sign an executive order to end the "debanking" policy of cryptocurrencies, will Taiwan have a chance to follow? (Background added: Trump's top banking official shouts 'banking reform': open up to cryptocurrencies, but opposes debanking) In 2023, three crypto-friendly banks collapsed in a row, causing startups to lose their accounts overnight, and the issue of debanking has resurfaced. Now, market news is that US President Donald Trump is drafting an executive order to end Operation Chokepoint 2.0 for cryptocurrencies. Draft Executive Order: Prohibition of Political Blocking According to Cointelegraph, citing WSJ, the draft states that banks may not refuse to open accounts or freeze funds solely because customers are involved in the crypto industry or hold specific political views. The OCC, FDIC, and Fed will be mandated to punish discriminatory practices and seek to provide crypto companies with fair access to basic finance. Operation Chokepoint 2.0 Aftermath Debanking is not the first of its kind. In 2013, Operation Chokepoint targeted high-risk industries, and the impact reappeared in 2023 as "Operation Chokepoint 2.0". After the collapse of Silicon Valley Bank, SilverGate and Signature, about 30 tech and crypto startups were forced to close or withdraw loans. Custodia Bank suffered millions of dollars in losses due to difficulties in securing stable banking partners. The Fed withdrew its guidance requiring banks to notify crypto business in advance in April and removed the "reputational risk" assessment factor in early June. On June 24, Chairman Powell also publicly stated: "Banks can provide banking services and conduct related business to the cryptocurrency industry, provided that the financial system is safe and sound." These words laid the foundation for banks to restart crypto custody, US dollar deposits and withdrawals, and stablecoin liquidation. What is debanking? Debanking is the termination or restriction of the provision of financial services by a bank or financial institution to certain individuals, businesses, or industries, such as closing bank accounts, denying loans, or payment processing services. In the cryptocurrency space, debanking, often referred to as Operation Chokepoint 2.0, refers to banks restricting or terminating services to cryptocurrency companies such as exchanges, wallet providers, or blockchain startups under potential pressure from regulators. For example, banks may refuse to open accounts for cryptocurrency companies, or abruptly close existing accounts, which can have a significant impact on the operations of these companies. Related reports After the Sichuan and Xi hotline, a new round of negotiations between the United States and China appeared in London on the 9th, tariffs and rare earth trade are the focus Bitcoin relaxes OP_RETURN "anger old OG": BTC becomes a shitcoin, consider selling out of the industry U.S.-China negotiations "Trump considers lifting some export restrictions, bitcoin climbs $110,000 (Trump summons intends to sign an executive order to terminate "cryptocurrency debanking", Fed Bauer: banks can provide services to the cryptocurrency industry" This article was first published in BlockTempo The most influential blockchain news media.