Trump Signs Executive Order to Halt Crypto Industry’s “Debanking”

According to a report by Jinse Finance, former U.S. President Trump signed an executive order on Thursday prohibiting federal regulatory agencies from using "reputational risk" as a reason to prevent banks from providing services to the cryptocurrency industry. The White House stated that past unfair practices have undermined public trust in the financial system and caused economic harm to law-abiding citizens. This move is seen as a significant step toward ending the "Chokepoint 2.0" initiative, which had previously led to the mass closure of bank accounts belonging to crypto businesses. Regulatory agencies such as the Federal Reserve have pledged to stop using "reputational risk" as a criterion for evaluating client relationships. Several Republican lawmakers have expressed support for this measure, saying it will help curb financial discrimination and restore regulatory transparency.