U.S. President Donald Trump will sign an executive order on Thursday directing federal banking regulators to identify and penalize financial institutions involved in "debanking."

According to a report by Bloomberg on Thursday, citing senior White House officials, regulators will be required to review complaint data, while financial institutions under the jurisdiction of the Small Business Administration will be tasked with making efforts to restore banking services to customers who have been illegally denied.

Debanking has been a major concern for some political groups, who believe that businesses such as gun manufacturers and fossil fuel companies are being denied banking services for ideological reasons.

This is also a common complaint among cryptocurrency companies. During the administration of former President Joe Biden, a new initiative called "Operation Choke Point 2.0" emerged, which some believe was an attempt to drive cryptocurrency businesses overseas during the bear market of 2022.

Despite a shift in the Trump administration's stance, allegations of debanking persist.

According to Bloomberg, the executive order will instruct regulators to remove the "reputational risk" category from guidance and training materials. Critics claim that this category has been used to unfairly target cryptocurrency companies.

While the Trump administration works to end debanking, a powerful group of banking associations is attempting to block various cryptocurrency companies, including Ripple, from obtaining banking licenses.

In a letter to the Office of the Comptroller of the Currency (OCC) dated July 17, the American Bankers Association, the Consumer Bankers Association, the National Bankers Association, the American Credit Union Association, and the Independent Community Bankers of America sought to prevent four digital asset providers, including Ripple and Fidelity, from obtaining banking licenses.

In the letter, these associations argued that "there are significant policy and legal issues regarding whether the proposed business plans of the applicants involve the types of trust activities conducted by national trust banks." Additionally, the associations claimed that "the public portion of the application does not allow for meaningful public review."

Ripple, the creator of the cryptocurrency XRP, applied for a banking license on July 2. This application was submitted just days after Circle, the creator of the stablecoin USDC, applied to create a national trust bank to manage its stablecoin reserves.

These applications highlight the growing overlap between traditional financial institutions and native cryptocurrency companies, intensifying competition across the financial services industry.

In particular, stablecoin companies have introduced new forms of payment that may conflict with the infrastructure provided by traditional banks and credit card companies. The U.S. bill regulating stablecoins and their issuers, the "GENIUS Act," was signed into law on July 18.

Related: Ripple acquires stablecoin payment platform Rail for $200 million

Original article: “Report: Trump to Sign Executive Order Punishing Financial Institutions for ‘Debanking’”

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