(Zero Hedge)—The Trump administration is reportedly preparing an executive order to block banks from denying services to politically disfavored industries—particularly crypto firms and gun manufacturers, according to CoinTelegraph and the WSJ.
The move comes as part of a broader backlash against what critics are calling “Operation Chokepoint 2.0,” a term that refers to the alleged, informal coordination between financial regulators and banks to “debank” certain legal but politically controversial sectors.
This follows a surge of complaints from crypto entrepreneurs and tech founders, over 30 of whom were reportedly denied banking services during the Biden administration.
The issue gained national attention after the sudden collapse of three major crypto-friendly banks—Silicon Valley Bank, Silvergate, and Signature—in early 2023. Their rapid downfall fueled speculation that government pressure had played a role, with crypto investor Nic Carter calling it a “coordinated effort” to dismantle the digital asset ecosystem through financial exclusion.
In response, President Trump declared at the March 2024 White House Crypto Summit that he would “end Operation Chokepoint 2.0,” vowing to restore neutral banking access regardless of politics. If enacted, the executive order would mark a major escalation in the GOP’s effort to curb what it sees as partisan interference by banks and federal regulators.
The issue has also drawn unusual bipartisan concern. Senator Elizabeth Warren, a frequent critic of Wall Street, stated in a February Senate hearing that “no one should be locked out of the financial system based on who they voted for or what they believe,” adding fuel to a rare moment of agreement across party lines.
Meanwhile, major banks including JPMorgan Chase, Citigroup, and Wells Fargo have met with officials in Texas and Oklahoma to deny allegations that they’ve selectively restricted services to industries like crypto, firearms, and fossil fuels—industries increasingly caught in the political crossfire.
The report says that despite Trump’s pledge, crypto advocates warn the battle is far from over. Caitlin Long, CEO of Custodia Bank, whose firm has faced repeated debanking challenges, said in March that the industry likely won’t see meaningful relief until at least 2026.
With the Federal Reserve maintaining its current stance—and new leadership appointments not possible until early 2025—regulatory hostility could continue, even if other agencies like the OCC and FDIC shift course.
At Last, a Company With Integrity in the Gold IRA Industry
For several years, I’ve been vetting out precious metals companies in search of the best. I believe in gold and silver but it’s hard to find integrity in the Gold IRA industry. The vast majority operate with shady tactics and gigantic spreads that take advantage of Americans who simply want to protect their life’s savings.
I’ve found a handful that I like and I’ve worked with some of them. By no means would I “unrecommend” them because, again, I vetted them out and found them to be above the fold. Unfortunately, it isn’t hard to be better than the rest when the rest are so darn awful.
After years of searching, I finally found a company that truly operates with integrity. Augusta Precious Metals has three important attributes that set them far above the competition:
- Non-Commissioned Sales Team: I cannot stress how important and unique this is. With just about every other company in the Gold IRA industry, the sales teams make commission from every account they open. This means they steer their clients toward the gold and silver products with the highest commission. With Augusta Precious Metals, the team is solely focused on putting the best gold and silver for their clients into their IRA. They get paid to serve the best interests of the Gold IRA client, NOT their own commission pay.
- Incredibly Low Fees: Most Americans would be shocked if they knew the spread other Gold IRA companies charge. Augusta charges just 5% versus up to 45% elsewhere.
- No Pressure, No Gimmicks: There’s an understanding among most in the Gold IRA industry that fear and pressure is the way to go. Augusta Precious Metals takes a sober approach when working with clients because they hold integrity in the highest possible regard. This is why they don’t offer gimmicks like “free” or “bonus” silver. It’s also why they do not apply pressure tactics to get quick sales. Their educational and transparent approach to doing business is exceedingly rare in the Gold IRA industry.
