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The crypto world is buzzing with news of a significant development from the White House. A new White House executive order is reportedly on its way, aiming to tackle a persistent challenge: bank bias against crypto firms. This crucial move could reshape how financial services interact with the digital asset industry, ensuring fairer access for everyone. What is This White House Executive Order All About? The Wall Street Journal recently reported that the White House is preparing a pivotal White House executive order. This order intends to penalize banks that unfairly cut off customers, including crypto firms, based on political concerns rather than legitimate financial risks. It signals a strong stance against discriminatory practices in the financial sector. The draft order directs regulators to investigate if such actions violate existing laws. These include credit, antitrust, or consumer protection statutes. Banks found in violation could face fines or other penalties. This initiative aims to level the playing field, ensuring that all legitimate businesses, including those in the crypto space, have access to essential financial services. Why Do Banks Show Bank Bias Against Crypto Firms? Banks, on their part, argue that their decisions stem from legitimate legal and compliance risks. They often cite strict anti-money laundering (AML) rules as a primary concern. The perceived reputational risk of dealing with certain emerging industries has also been a major factor. Historically, regulators pressured banks to avoid “high-risk” sectors, leading to a cautious approach. While the Trump administration later clarified that reputational risk would no longer be a sole basis for evaluation, the hesitation among banks regarding crypto firms persists. This long-standing bank bias has made it difficult for many legitimate crypto firms to secure traditional banking relationships. Impact on Crypto Firms and Financial Services This potential White House executive order could be a game-changer…

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Filed under: News - @ August 5, 2025 3:21 am