Unlock the Secrets of Ethical Hacking!
Ready to dive into the world of offensive security? This course gives you the Black Hat hacker’s perspective, teaching you attack techniques to defend against malicious activity. Learn to hack Android and Windows systems, create undetectable malware and ransomware, and even master spoofing techniques. Start your first hack in just one hour!
Enroll now and gain industry-standard knowledge: Enroll Now!
Key Notes
- Binance founder CZ called the proposed order a major breakthrough for US crypto policy.
- CZ stated it could help end US correspondent banks’ historical practice of blocking fiat transactions related to crypto.
- The order follows increased scrutiny over crypto-related debanking, such as Gemini’s claims against JPMorgan.
Binance founder Changpeng Zhao praised the latest White House executive order under consideration, which seeks to prevent banks from taking an anti-crypto stance. Zhao stated that the United States has achieved a major breakthrough in its crypto policy. According to the new directive, banks could face stricter fines for having a bias against crypto.
Changpeng Zhao Praises White House Order to Embrace Crypto
The White House is preparing an executive order aimed at cracking down on banks that discriminate against crypto firms. According to the latest initiative led by the Trump administration, banks adopting debanking practices against crypto firms could face heavy financial penalties. In the latest development, crypto exchange Gemini accused JPMorgan of preventing them from the re-onboarding process.
Some industry observers view the move as the most significant policy development since the approval of spot Bitcoin ETFs. Veterans like Changpeng Zhao also believe that this could pave the way for broader institutional participation in the crypto space.
Binance founder also praised the move, stating that banks would no longer be able to sideline crypto firms.
It used to be that corresponding banks in the US block transactions involving crypto (fiat for buying crypto).
This opens banking for crypto internationally. https://t.co/yv5nm3fq7X
— CZ 🔶 BNB (@cz_binance) August 5, 2025
If the White House proceeds with the executive order, banks that cut off customers for political reasons could face penalties.
The order would require financial regulators to investigate whether institutions have breached the Equal Credit Opportunity Act, antitrust laws, or consumer protection statutes. Consequences could include monetary fines, consent decrees, and a range of disciplinary actions.
White House Executive Order in Consideration
The Wall Street Journal reports that the executive order remains in draft form. While it could be signed this week, the administration may still revise or postpone it. The draft does not name any specific banks but cites a case involving Bank of America.
However, the American banking industry is opening up to supporting more crypto firms. US-based crypto exchange Coinbase has recently partnered with JPMorgan Chase to roll out integrated credit card services, account linking, and a transferable rewards program for JPMorgan Chase’s 80 million+ global customers.
The development comes shortly after major US banks were accused of hindering the growth of crypto platforms such as Coinbase and Robinhood.
next
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
Unlock the Secrets of Ethical Hacking!
Ready to dive into the world of offensive security? This course gives you the Black Hat hacker’s perspective, teaching you attack techniques to defend against malicious activity. Learn to hack Android and Windows systems, create undetectable malware and ransomware, and even master spoofing techniques. Start your first hack in just one hour!
Enroll now and gain industry-standard knowledge: Enroll Now!
0 Comments