Sometimes individuals, organizations, or entire industries are abruptly excluded from the financial system without any explanation or ways to resolve the issue. This is known as debanking. Several conservative organizations and crypto assets companies have claimed that financial regulators under the Biden administration debanked them as part of a political agenda.
President Donald Trump has echoed these allegations. He has said that after his first term, JPMorganChase gave him 20 days to withdraw more than $1 billion from the bank. Donald Trump Jr. has similarly said, "Once we got into that political sector…we were getting de-banked, we were getting de-insured, we were getting de-everything. It was brutal."
To address this issue, Trump signed an executive order on August 7, stating that "some financial institutions participated in Government-directed surveillance programs targeting persons participating in activities and causes commonly associated with conservatism." It proposes solutions with the aim that no American is "denied access to financial services because of their constitutionally or statutorily protected beliefs, affiliations, or political views."
