The ETF Store President: The White House is preparing an executive order to punish banks that discriminate against cryptocurrency companies

Nate Geraci, president of The ETF Store, posted on the X platform that the White House is preparing an executive order aimed at punishing banks that discriminate against cryptocurrency companies.

The White House is preparing to increase pressure on large banks. In response to accusations of discrimination against conservatives and cryptocurrency companies, it plans to pass an executive order threatening fines to lenders that terminate customer services for political reasons. The draft executive order seen by the media instructs bank regulators to investigate whether any financial institutions may have violated the Equal Credit Opportunity Act, antitrust laws, or consumer financial protection laws.

Violators may face fines, consent orders, or other penalties.