Changpeng Zhao Supports White House Order Against Anti-Crypto Banking Practices
Binance founder Changpeng Zhao expressed support for a White House executive order aimed at preventing banks from discriminating against crypto firms. Key points include:
- The order could impose stricter fines on banks that adopt debanking practices against crypto.
- This initiative is seen as a significant policy shift, potentially increasing institutional participation in the crypto market.
- Crypto exchange Gemini accused JPMorgan of blocking their re-onboarding process.
- The order may lead to investigations into banks violating the Equal Credit Opportunity Act and other regulations.
- Punishments could involve monetary fines and disciplinary actions.
- The draft of the order is still subject to changes and has not yet named specific banks.
- Coinbase recently partnered with JPMorgan to enhance services for its users, signaling a shift in the banking industry's stance towards crypto.
If enacted, the executive order could significantly impact how banks interact with crypto entities.