US President Donald Trump is said to be preparing to sign an executive order that is aimed at curbing discrimination against the crypto industry by American banks, the Wall Street Journal reported on August 4.
According to sources that are familiar with the issue, the order would introduce fines for banks that block transactions involving crypto companies.
This measure would tackle a long -term issue in the crypto sector, where American correspondent banks have often refused to process transactions with regard to digital assets, in particular with the conversion from Fiat to Crypto.
The report also stated that the executive command of monetary fines and other forms of discipline could include for banks involved in crypto discrimination.
This potential executive order is part of Trump’s wider agenda to position the US as the undisputed leader in the worldwide market for digital assets.
Since the beginning of the year, the Trump administration has worked to provide clarity to issues such as crypto registration, custody, trade and archiving. These efforts are designed to create an environment that promotes innovation and access to consumers to crypto products by simplifying regulations and through -cutting bureaucracy.
What does this mean for crypto?
Binance -founder Changpeng Zhao marked The meaning of this potential order and noted that bank services could open for crypto companies worldwide.
According to him:
“It used to be that corresponding banks in the American block transactions with crypto (Fiat for buying crypto). [potential order] Opens international banking for crypto. “
Crypto proponents such as Pointsville Gurbacs have suggested Creating an anonymous tool or website to mark authorities of de-banking and bank discrimination against crypto companies and private individuals.
Other members of the community noted that the executive order comes in response to growing concerns that American banks launch ‘Operation ChokePoint 3.0’, an observed initiative to block access to financial services for crypto entities.
Last month Gemini-MEDE founder Tyler Winklevoss criticized JPMorgan’s decision to charge fintech companies for access to customer bank data.
Winklevoss argued that such actions can paralyze financial fintech companies that facilitate crypto purchases and claim that it is an attempt to limit consumer access to bank data via platforms from third parties such as Plaid.
He explained:
“Jamie Dimon and his gashers try to undermine President Trump’s mandate to make America the pro -innovation and the crypto capital of the world. We have to fight back!”
