On August 7, the White House issued an executive order directing federal banking regulators to prohibit practices that deny or restrict banking services based on political or religious beliefs, or lawful business activities. The order aims to ensure fair access to banking for all Americans and specifically addresses concerns about unfair debanking of the digital assets industry.
Federal regulators are instructed to remove guidance that enables politicized or unlawful debanking, develop strategies to prevent it, and review institutions for related practices, with possible penalties for violations. The order responded to concerns that debanking undermines free expression and economic opportunity by excluding individuals and businesses from essential financial services and full participation in the economy.
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