WSJ: "The White House Preparing Executive Order to Sanction Banks Discriminating Against Virtual Asset Companies"

It has been reported that the United States White House is preparing an executive order to impose financial sanctions on banks that discriminate against virtual asset (cryptocurrency) companies.

On the 4th (local time), the Wall Street Journal (WSJ) cited multiple sources, reporting that President Donald Trump is planning to sign an executive order to impose sanctions on certain banks that have debanked virtual asset companies and conservative groups.

The executive order instructs financial regulatory authorities to investigate violations of the Equal Credit Opportunity Act, antitrust laws, and consumer protection laws. In the event of violations, banks could face fines, consent orders, or other regulatory actions.

Notably, the executive order is said to require banks to revise their guidelines to ensure that certain industries, such as the virtual asset sector, are not excluded on the grounds of 'customer reputation risk.'

Previously, numerous virtual asset companies asserted that under the Biden Administration, they had been subjected to restrictions in accessing banking services.

Additionally, the executive order addresses the need to inspect discriminatory practices based on political tendencies of regulatory authorities and guarantees for small business loans.