Trump angrily criticized banks for "discriminating against Crypto Assets"! JPMorgan and Bank of America refused to open accounts for the president, and the White House is pushing an executive order to counter.

U.S. President Donald Trump once again pointed the finger at Wall Street giants, accusing JPMorgan Chase and Bank of America of refusing to open accounts for him due to political positions, and stating that this phenomenon of "de-banking" is widely affecting the conservative community. The White House is brewing an executive order aimed at imposing fines on banks that refuse to provide services for political reasons, sparking heated discussions in financial and political circles.

Trump shares his experience of being refused account opening

Trump recalled during an interview with CNBC that after his first presidential term ended, he once brought a large amount of cash to JPMorgan, only to be told he had to withdraw the funds within 20 days.

"I have never encountered this situation before," Trump said, "this is not a matter of me defaulting on a loan."

He stated that he then attempted to communicate directly with senior executives at American banks, but was also rejected, ultimately having to disperse funds into several small banks.

The White House is brewing an executive order to fight back.

According to a report by The Wall Street Journal, the White House is preparing an executive order to impose fines on banks that refuse services for political reasons. The draft even mentions banks cooperating with authorities to track down participants following the January 6, 2021, Capitol incident.

The bank denied closing accounts for political or religious reasons, emphasizing that such decisions are usually made based on legal, reputational, or financial risk considerations, including compliance with anti-money laundering regulations.

The Common Complaints of Conservatives and Crypto Companies

Trump's accusations resonate with the complaints of some conservative groups and cryptocurrency companies—during the Biden administration, they were denied account openings or had their partnerships terminated by banks. The Democratic side pointed out that some leftist clients and former convicts also faced similar situations, indicating that the problem is not unique to a single political camp.

The Subtle Relationship Between Banks and Regulatory Pressure

Trump acknowledged that banks are facing regulatory pressure regarding account closures and bluntly stated, "What they are really afraid of is the banking regulators."

A spokesperson for JPMorgan responded by stating that the bank would not close accounts for political reasons and agreed with Trump's view that "regulatory reform is imminent." Bank of America also stated its support for the government's efforts to enhance regulatory transparency.

Trump and the Long-term Entanglement with Banks

Trump's relationship with the banking industry dates back to the 1980s and 1990s, when he frequently partnered with banks for loans in real estate and the hotel industry, but also saw some banks withdraw from cooperation due to debt restructuring and bankruptcy events. Today, this history intertwines with the current political opposition, making Trump's relationship with large banks even more strained.

Conclusion

Trump's accusations of "political discrimination" against banks are pushing the controversy over financial services and political positions to new heights. If the White House ultimately signs the executive order, this will become a new battleground for U.S. financial regulation and political confrontation. For banks, the significant challenge in the future will be how to strike a balance between compliance, risk management, and political pressure.