Banks Could Face Fines for ‘De-Banking’ Crypto Firms Under White House Order: Report

The White House is reportedly preparing an executive order that would penalize banks for dropping customers over political or ideological reasons, in a move aimed at curbing what conservatives and crypto firms have long called financial discrimination.

A draft of the order, viewed by The Wall Street Journal, instructs bank regulators to investigate whether financial institutions have breached laws like the Equal Credit Opportunity Act, antitrust statutes or consumer protection rules.

Banks found in violation could face fines, consent decrees or other penalties.