The Trump camp appears ready to wade back into the political fray, with talk of a new executive order to rein in banks accused of giving crypto firms and other industries the cold shoulder. If the reports hold water, the president is preparing to draw a line in the sand against what many see as politically driven financial exclusion.
Image 1: (Source: American Banker)
Crypto players have long claimed they’ve been left high and dry by traditional banks. Startups in the digital asset world say they’ve been turned away at the door, not for dodgy dealings, but simply for being part of a controversial sector. The issue has stirred up a hornet’s nest, and Trump looks set to grab the bull by the horns.
A Familiar Tune, A New Target
Whispers of a scheme called “Operation Chokepoint 2.0” have been doing the rounds in crypto circles. The name harks back to a 2013 initiative that quietly pressured banks to cut ties with “risky” but legal businesses like payday lenders and firearm retailers. These days, the shoe seems to be on the other foot, with digital currency ventures in the firing line.
Under the Biden administration, at least 30 crypto and tech founders reportedly had the rug pulled out from under them—losing access to bank accounts or being refused service entirely. Many of these decisions were made behind closed doors, leaving those affected scratching their heads.
According to industry insiders, the aim wasn’t financial prudence but political point-scoring. In their eyes, the banking world was doing someone else’s bidding—cutting ties with crypto as a way to squeeze the sector out of existence.
Banks in the Hot Seat
Major financial players like JPMorgan Chase, Citigroup, and Wells Fargo have been dragged into the spotlight. They’ve had to front up to state officials in Texas and Oklahoma to explain why certain industries—particularly fossil fuels, firearms, and digital assets—are finding it tougher than ever to get a seat at the banking table.
While the banks have stuck to their guns, claiming all decisions are business-related, scepticism remains thick in the air. Industry advocates argue that these refusals look more like a stitch-up than a simple case of risk management.
Senator Elizabeth Warren, a known critic of big banks and no friend of crypto, has surprisingly called for government action. She argued that no one should be shut out of their bank account based on their beliefs, industry, or political leanings. Strange bedfellows indeed, but it highlights how broad the concerns have become.
Trump’s Plan to Tip the Scales
Donald Trump hasn’t minced his words when it comes to crypto. Back in March, during a digital assets event at the White House, he promised to shut the door on Operation Chokepoint 2.0. The proposed executive order is his first swing at turning that promise into policy.
If signed, the order would bar banks from pulling the pin on customers simply because of the kind of business they run—so long as those businesses are operating legally. For the crypto industry, this could be the light at the end of the tunnel.
BREAKING: PRESIDENT TRUMP PLANNING EXECUTIVE ORDER TO STOP #BITCOIN AND CRYPTO DEBANKING
ABSOLUTELY MASSIVE pic.twitter.com/yoXPtcybR4
— The Bitcoin Historian (@pete_rizzo_) June 24, 2025
Regulatory Roadblocks Ahead
Caitlin Long, head of Custodia Bank, believes any real change will take time. While the executive order might shake things up, the real gatekeepers sit in federal regulatory offices. And they’re not likely to budge overnight.
Long’s own firm has been put through the wringer. Despite meeting legal and compliance standards, Custodia faced repeated hurdles trying to gain access to banking systems. According to Long, the process cost millions and stalled progress for months. For her, the battle is far from over.
Here’s the rub: even if the OCC and FDIC soften their stance, without the Fed singing the same tune, change could be stuck in limbo.
Image 2: (Source: msnbc)
Waiting for the Dust to Settle
Crypto firms are holding their breath. The executive order could be a step in the right direction, but without buy-in from key regulators, the industry may still be walking on eggshells. The reality is that one piece of paper won’t fix years of mistrust and friction.
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For many in digital finance, this isn’t just about access to banking—it’s about survival. Being frozen out means payroll headaches, limited operations, and lost investment. It’s not just a bump in the road; it’s a roadblock.
Still, Trump’s move signals a shift in tone. His administration is making it clear that banks shouldn’t be picking winners and losers based on politics. If the order comes into play, it might just level the playing field for industries that have spent years on the outer.
