Trump Signs Executive Order Halting Crypto Industry's "Disconnected Banking Services"
2025-08-07 20:58:16
Former US President Donald Trump signed an executive order on Thursday barring federal regulators from blocking banks from servicing the crypto industry on the grounds of "reputational risk". The White House said past injustices had eroded public trust in the financial system and caused economic harm to law-abiding citizens. The move is seen as an important step in ending the "Chokepoint 2.0" campaign, which led to the collective closure of crypto companies' bank accounts. Regulators such as the Federal Reserve have pledged to stop using "reputational risk" as a criterion for assessing Customer relationships. Several Republican lawmakers have supported the move, saying it would help curb financial discrimination and restore regulatory transparency.
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