Report: Trump’s Draft Executive Order Would Fine Banks Over Bias Against Crypto Firms, Conservatives

The Wall Street Journal reports that President Donald Trump has allegedly prepared a draft executive order warning banking regulators and financial institutions that they could face disciplinary action if they discriminate against conservatives or crypto companies.

An Alleged Executive Order Puts Banks on Notice Over Political, Crypto Bias

A Wall Street Journal (WSJ) exclusive report says the Trump administration is preparing an executive order (EO) that would fine banks for engaging in discriminatory practices, including “de-banking,” targeting conservatives and crypto companies. Interestingly, WSJ contributors Dylan Tokar and Alexander Saeedy frequently use terms like “so-called” and “perceived” when describing the widely reported de-banking and discrimination against these groups in their editorial framing.

The report says the news outlet reviewed a “draft of the executive order” directing banking regulators to investigate any institutions that may have engaged in such practices. According to WSJ, offenders could face “monetary penalties, consent decrees or other disciplinary measures.” This development comes after the U.S. House Oversight and Government Reform Committee asked the U.S. Office of the Comptroller of the Currency (OCC) for records on the issue.

Two months earlier, U.S. banks received the go-ahead to broaden crypto services under new OCC guidance, while the Federal Deposit Insurance Corporation (FDIC) also updated its rules. Tokar and Saeedy wrote that WSJ covered the alleged EO’s consideration in June, adding, “Banks have been on edge about potential action by the Trump administration.” As is often the case, the WSJ report leans on unnamed sources.

The report cites “people familiar with the matter” who allegedly said the president could sign the order this week, though they also emphasized it might be pushed back. Given the WSJ’s selective language and reliance on unnamed sources, it’s unclear whether the draft EO exists in the form described. Without official confirmation, the narrative positioning used in the report remains speculative and open to interpretation.