Trump signs executive order ending Operation Chokepoint 2.0, banning politically motivated debanking and shifting oversight to the SBA.
Author: Akshat Thakur
August 10, 2025 — President Donald Trump has signed an executive order banning federal agencies from pressuring banks to cut off services to lawful industries, a practice critics called “Operation Chokepoint 2.0.”
The order, titled “Guaranteeing Fair Banking for All Americans,” requires banks to base service decisions on objective risk assessments rather than ideology. It applies to individuals and businesses, protecting them from account closures due to lawful activities, political beliefs, or associations.
Oversight will now be handled by the Small Business Administration, led by Bitcoin supporter Kelly Loeffler. This shift removes authority from agencies like the Federal Reserve and FDIC, which critics accuse of enabling politically motivated debanking.
In early 2023, crypto industry advocates claimed regulators were quietly pressuring banks to cut ties with digital asset firms. These claims grew after several crypto-friendly banks collapsed, including Silvergate and Signature.
While officials denied the existence of such a policy, account closures and service denials to crypto firms suggested otherwise. Industry leaders argued that non-crypto companies rarely faced the same treatment.
Wyoming-based banker Caitlin Long called the order a strong move toward fairer banking access, especially for crypto businesses. She emphasized the importance of shifting oversight away from regulators who have been accused of bias.
Venture capitalist Nic Carter, who popularized the term “Operation Chokepoint 2.0,” welcomed the move but warned the broad wording leaves loopholes. Without mandatory disclosure rules, banks could still justify closures under the guise of cost or compliance concerns.
While some lawmakers say the order permanently ends politically influenced banking restrictions, others believe further reforms are needed to ensure fair treatment. The true test will be whether crypto companies see a measurable improvement in access to financial services over the coming months.
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