Bitcoin's price holds steady at $115,000 as the White House plans to issue an executive order against banks for debanking practices targeting Bitcoin and crypto companies. The impending order seeks to penalize banks that deny services based on political beliefs or affiliations with digital currencies. The draft mandates federal regulators to investigate potential violations of consumer protection laws by financial institutions. Complaints from crypto firms about reduced access to banking services have intensified, prompting this policy shift and potential scrutiny of banks' compliance with lending regulations.
The White House is preparing to step up pressure against big banks over perceived discrimination against conservatives and crypto companies with an executive order that threatens to fine lenders that drop customers for political reasons.
The draft executive order directs federal regulators to investigate whether any financial institutions have violated laws such as the Equal Credit Opportunity Act, antitrust rules, or consumer financial protection statutes.
The executive order comes after years of complaints from Bitcoin and crypto companies, which have said they were systematically shut out of traditional banking services under the Biden administration.
Banks have defended their decisions by citing legal, regulatory, or financial risks - particularly concerns about compliance with anti-money-laundering laws.
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