**Bitcoin Price Steady at $115K Amid White House Action on Crypto Debanking**
The price of Bitcoin remains robust at $115,000 as the White House gears up to address the issue of banks allegedly debanking Bitcoin and cryptocurrency firms, as well as politically conservative organizations. A recent report from the Wall Street Journal indicates that the Trump administration is finalizing an executive order aimed at penalizing banks that refuse services to customers based on their political beliefs or affiliations with Bitcoin and cryptocurrency. This initiative marks a significant policy shift in support of the digital asset sector.
According to the Journal, the White House is intensifying scrutiny on major banks over claims of discrimination against conservative and crypto-related entities. The proposed executive order threatens to impose fines on lenders that terminate customer accounts for political reasons. The draft order instructs federal regulators to investigate whether financial institutions have breached laws such as the Equal Credit Opportunity Act, antitrust regulations, or consumer financial protection statutes. If violations are found, banks could face monetary penalties, consent decrees, or other disciplinary actions.
This executive order follows years of complaints from Bitcoin and cryptocurrency companies, which have reported being systematically excluded from traditional banking services during the Biden administration. Many businesses have struggled to maintain checking accounts, access payment processors, or obtain basic credit services—a phenomenon referred to as “crypto debanking.” Banks have justified their actions by citing legal, regulatory, or financial risks, particularly concerns regarding compliance with anti-money-laundering laws.
Under the proposed order, regulators would be directed to eliminate internal policies that may have contributed to debanking practices and to assess banks’ involvement in federal lending programs. While the draft does not specifically name any banks, it alludes to a controversy involving Bank of America, which faced accusations of closing accounts for a Christian nonprofit operating in Uganda. The bank defended its actions by stating that it does not serve small businesses outside the U.S.
The draft also criticizes banks for their participation in the federal investigation of the January 6th Capitol riot, further indicating the administration’s intent to confront perceived ideological targeting within the financial sector. The Journal noted that banks are apprehensive about potential actions from the Trump administration, referencing earlier discussions about similar executive orders.
A spokesperson for Bank of America commented, “We’ve provided detailed proposals and will continue to work with the administration and Congress to improve the regulatory framework.” With the possibility of the order being signed as early as this week, regulators are expected to take significant steps in addressing the concerns surrounding debanking practices.
**FAQ**
**What is the significance of the White House’s proposed executive order regarding banks and cryptocurrency?**
The proposed executive order aims to penalize banks that deny services based on political beliefs or cryptocurrency affiliations, marking a potential shift in policy that could enhance support for the digital asset industry and address long-standing complaints from crypto companies about being excluded from traditional banking services.
