Bitcoin Price Holds $115K as White House Prepares Executive Order Targeting Crypto Debanking
By Nik | August 5, 2025
The price of Bitcoin is maintaining a strong position around $115,000 amid significant political developments in the United States that could reshape the cryptocurrency landscape. According to a recent report from The Wall Street Journal, the White House is finalizing an executive order aimed at penalizing banks that deny services to customers based on political beliefs or their affiliations with Bitcoin and other cryptocurrencies.
White House Targets Crypto Debanking and Political Discrimination
The prospective executive order signifies a major policy pivot in favor of the digital asset industry. It seeks to curb what the administration views as discriminatory debanking practices faced by crypto companies and politically conservative organizations. This crackdown targets financial institutions accused of severing ties with cryptocurrency firms or clients because of ideological opposition.
“The White House is preparing to step up pressure against big banks over perceived discrimination against conservatives and crypto companies with an executive order that threatens to fine lenders that drop customers for political reasons,” reported The Wall Street Journal.
Details of the Proposed Executive Order
The draft executive order—which the Journal reviewed—directs federal regulators to investigate whether any banks or financial institutions have violated existing laws such as the Equal Credit Opportunity Act, antitrust regulations, or consumer financial protection statutes. Institutions found in violation could face monetary fines, consent decrees, or other disciplinary actions.
An important aspect of the order instructs regulators to identify and eliminate internal banking policies that might have contributed to the exclusionary practices toward crypto firms, a phenomenon commonly referred to as “crypto debanking.” Moreover, regulators would be tasked with reviewing banks’ roles in federal lending programs to ensure compliance with non-discrimination standards.
Background: Years of Crypto Firms’ Banking Struggles
Crypto companies have long contended with difficulties in accessing traditional banking services, a trend which intensified under the Biden administration. Many firms reported trouble maintaining checking accounts, securing payment processors, or obtaining basic credit services. Banks typically defended their decisions, citing compliance challenges surrounding anti-money laundering laws and regulatory risks.
However, this new executive order reflects a clear intent by the current administration to ensure financial institutions do not unfairly target cryptocurrency-related clients or politically conservative groups.
Notable References and Controversies
While no specific banks are named outright in the draft order, it alludes to controversies involving Bank of America. The bank was accused of closing accounts belonging to a Christian nonprofit operating in Uganda. Bank of America responded by stating that it does not offer services to small businesses operating outside the United States.
The document also criticizes banks for their involvement in the federal investigation of the January 6 Capitol riot, signaling an administration focus on rooting out ideological bias within the financial sector.
Reactions and Potential Impact
Banks have reportedly been apprehensive about the policy shifts signaled by the administration. “Banks have been on edge about potential action by the Trump administration,” the Journal noted in its earlier reporting.
A Bank of America spokesman commented: “We’ve provided detailed proposals and will continue to work with the administration and Congress to improve the regulatory framework.”
If signed into law—as early as this week—the executive order could mark a significant turning point for the crypto industry. By restoring banking access to cryptocurrency enterprises, the administration hopes to integrate these firms more fully into the U.S. financial system, unlocking critical infrastructure for companies that have operated on the fringes.
Conclusion
As Bitcoin steadies above the $115,000 mark, this political and regulatory development brings renewed optimism for the digital currency market. The executive order’s enforcement may address longstanding grievances related to crypto banking discrimination and ideological targeting, potentially paving the way for wider cryptocurrency adoption and industry growth.
Tags: Bitcoin, bitcoin price, crypto, Trump, White House
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About the Author:
Nik has been a Bitcoin enthusiast since 2017 and a contributor to Bitcoin Magazine since 2020. He focuses on industry developments and market analysis affecting the cryptocurrency ecosystem.