Trump is preparing an executive order to impose fines for banks stopping services for political reasons.

## Virtual coin companies are also included.

The Wall Street Journal reported on August 4 that the White House is preparing an executive order to impose fines on banks that halted transactions with customers for political reasons. This could be signed within the week as a countermeasure against discriminatory treatment of conservatives and cryptocurrency companies.

The draft executive order directs regulators to investigate whether financial institutions are in violation of the Equal Credit Opportunity Act, antitrust laws, and the Consumer Financial Protection Act. Companies found in violation may face monetary sanctions, consent decrees, and other disciplinary actions.

The draft does not specify particular bank names but refers to the case where Bank of America allegedly closed the account of a Christian organization operating in Uganda for reasons of religious belief. On the other hand, the bank explains that it does not provide services to small and medium-sized enterprises operating outside the United States.

Conservative groups in the United States have long claimed that they have been denied banking services for political and religious reasons. Cryptocurrency companies have also complained that they were shut out of banking services under the Biden administration, while banks have argued that their decisions were based on legal, regulatory, and financial risks.

Eric Trump, the second son of President Trump, stated in an interview with FOX Business in April that the "malicious attacks" by banks on his family prompted them to realize the importance of cryptocurrency, specifically Bitcoin. He mentioned that Capital One and Chase Bank notified them of account closures for political reasons, and they felt the value of cryptocurrency, which is "faster, more transparent, and has no account closures."

On the other hand, banking regulators under the Trump administration have already expressed that they will stop assessing the reputational risks posed by customers. Additionally, the Federal Reserve has announced a policy to remove reputational risk from the review items for bank supervision in June, which is being evaluated as a positive move for the cryptocurrency industry.