US President Donald Trump plans to sign an executive order directing banking regulators to investigate debanking claims by the crypto sector and conservatives. Violators could face fines or legal action. The order may be signed this week, focusing on antitrust and fair lending laws.

The draft order also seeks a regulatory overhaul to address banks dropping customers, including crypto firms. It directs the Small Business Administration to review banking practices and refers potential violations to the attorney general. A similar order was planned by the White House in June.

Crypto executives allege Biden administration pressured banks to cut off clients involved in digital assets. Former President Joe Biden’s era saw banks examined on crypto and stablecoins, leading to pauses in crypto banking activities. The industry claims these actions were not baseless conspiracy theories.

The order will also investigate banks for allegedly denying services to political conservatives. Financial institutions assisting in probing the Jan. 6, 2021, US Capitol riots are criticized. Conservatives claim banks deny services based on political beliefs. The Federal Reserve has stopped examining for reputational risk.

Read more at Cointelegraph: Trump To Order Investigation Of Crypto Debanking: Report