President Donald Trump is preparing to sign an executive order instructing banking regulators to investigate allegations that financial institutions have unfairly suspended services to cryptocurrency companies and conservative parties.
According to a draft obtained by The Wall Street Journal, the order would require regulators to determine whether banks violated antitrust, consumer protection, or fair lending laws.
Violators could face fines or legal consequences. The order could be signed this week, although the date could change.
The crypto sector has accused the Biden administration of pressuring banks to stop providing services to digital asset customers, which in practice amounts to the debanking of the sector.