According to The Wall Street Journal, the Donald Trump administration plans to sign a decree that will oblige banks to stop discriminating against cryptocurrency companies. If the document comes into force, financial regulators will be empowered to investigate cases where credit institutions violate the law on equal lending opportunities, antitrust rules or consumer protection rules.
For such violations, banks and other counterparties will receive severe “retaliations,” ranging from fines to more severe sanctions.
The fight against the so-called “debanking” of the crypto sector was one of Trump’s high-profile campaign promises. He has repeatedly stated that he intends to end Operation Choke Point 2.0, a set of measures launched under President Joe Biden. These measures, according to the crypto community, were aimed at cutting off crypto companies from access to banking infrastructure.
WSJ insiders claim that the White House considered taking similar measures a month ago, but decided to wait until a more opportune moment.
Meanwhile, other initiatives are heard in the cryptosphere. Michael Saylor, founder and executive chairman of MicroStrategy, suggested that US authorities officially classify cryptocurrencies. He is confident that the lack of clear rules prevents large corporate investors from joining the digital asset market.