JUST IN: President Trump's Crypto Czar David Sacks asks "Why are top banks still prohibiting or restricting access to Bitcoin ETFs on their wealth management platforms?" 🤔"Is this the last vestige of 'debanking'?" 👀 https://t.co/x8AZfmUdPt ...

Trump Signs Executive Order Prohibiting Debanking of Crypto Industry► https://t.co/pueSFkonh5 https://t.co/pueSFkonh5 ...

JPMorgan Chase denied claims that it "debanked" former Kansas Gov. Sam Brownback over his conservative and religious views, according to a report Thursday. The bank said it did not receive information it had requested from Brownback before it closed the account, according to an October 2022 letter viewed by Reuters. Brownback, a Republican who chairs the National Committee for Religious Freedom, has accused JPMorgan of shuttering the account in 2022 on religious grounds. 3 Sam Brownback at a National Day of ...

Regulatory Landscape & Market Access - The executive order directs the Labor Department and SEC to potentially unlock access to over $12 trillion in retirement savings for crypto, private equity, and other alternative assets [1] - The order targets debanking practices, which have particularly impacted the crypto industry [1][2] - The order aims to ease barriers that have kept crypto businesses disconnected from traditional banking [2] Potential Impact on Crypto Industry - Many crypto firms have reported sudden account closures or denials [2] - The order could reverse debanking practices by ordering regulators to investigate [2]

Market Trends & Industry Dynamics - President Trump signs executive orders on debanking [1] - Yahoo Finance provides free stock ticker data, up-to-date news, portfolio management resources, comprehensive market data, advanced tools, and more information [1] Resources & Platforms - Yahoo Finance offers the latest news and data at finance.yahoo.com [1] - The Yahoo Finance app is available on Apple (https://apple.co/3Rten0R) and Android (https://bit.ly/3t8UnXO) [1] Social Media Presence - Follow Yahoo Finance on X (http://twitter.com/YahooFinance), Instagram (https://www.instagram.com/yahoofinance/?hl=en), TikTok (https://www.tiktok.com/@yahoofinance?lang=en), Facebook (https://www.facebook.com/yahoofinance/), and LinkedIn (https://www.linkedin.com/company/yahoo-finance) [1]

Core Viewpoint - JPMorgan and Bank of America "debanked" former President Trump due to pressure from the Biden administration's banking regulators and the Federal Reserve, linked to his involvement in the January 6 Capitol events [1][2][5]. Group 1: Reasons for Debanking - The decision to debank Trump was influenced by concerns over reputational risk, as regulators warned that banking Trump could lead to regulatory scrutiny and potential penalties [2][6]. - Banking executives reported feeling pressured by regulators to avoid business with individuals associated with controversial political actions, including those involved in the January 6 protests [2][4]. Group 2: Trump's Response and Future Actions - Trump has publicly stated his intention to end the practice of politically motivated debanking and plans to issue an executive order to address this issue [3][12]. - Trump criticized the CEOs of JPMorgan and Bank of America for not supporting him after he left office, despite having significant assets and a long-standing relationship with these banks [11][14]. Group 3: Regulatory Environment - The Office of the Comptroller of the Currency, FDIC, and Federal Reserve have been noted for their ambiguous enforcement of rules regarding reputational risk, which has led banks to adopt a cautious approach towards certain clients [2][8]. - The current regulatory climate has made it easier for banks to avoid potential reputational risks by denying services to individuals like Trump, even when they possess substantial financial resources [6][8].

🗞️ Need to catch up on the news? Here's our top 10 from today:🔸 The White House is preparing an executive order to target banks that discriminate against conservatives and crypto companies, addressing debanking practices with potential fines and penalties, per WSJ.🔹 CFTC launches an initiative for trading spot crypto asset contracts on CFTC-registered exchanges, inviting public feedback by August 18.🔸 September rate cut odds surge to 90%.🔹 Goldman Sachs expects the Fed to start three consecutive 25bps rate ...

Crypto promises made, crypto promises kept.Cointelegraph (@Cointelegraph):🇺🇸 JUST IN: The White House is preparing an executive order to target banks that discriminate against conservatives and crypto companies, addressing debanking practices with potential fines and penalties, per WSJ. https://t.co/rNjKVI2vAq ...

🇺🇸 JUST IN: The White House is preparing an executive order to target banks that discriminate against conservatives and crypto companies, addressing debanking practices with potential fines and penalties, per WSJ. https://t.co/rNjKVI2vAq ...