Trump signs executive order to halt unfair treatment of crypto industry by cutting off banking services

PANews reported on August 8th that, according to The Block, US President Trump signed an executive order on Thursday aimed at preventing federal regulators from targeting financial institutions doing business with the cryptocurrency industry. A White House fact sheet stated that the digital asset industry has been unfairly targeted by "unbanking," a practice that undermines public trust in banks and regulators, impacts livelihoods, freezes wages, and places a heavy economic burden on law-abiding Americans. The order removes "reputational risk" as a justification for increased regulation. While not specific to cryptocurrency, it has previously been used to target the industry. Previously, cryptocurrency businesses and individuals complained about unfair bank account closures, and Trump pledged to end "Operation Choke Point 2.0." Trump's signing of the order received support from Republican lawmakers. House Financial Services Committee Chairwoman French Hill called it an important step, and Senator Cynthia Lummis praised the order for bringing transparency and accountability to the industry.