The federal government is turning the screws on some of the biggest names in banking. Prosecutors are now investigating whether major Wall Street lenders broke the law by terminating customer relationships based on political motivations, a practice that crypto firms have been complaining about for years.
U.S. Attorney for the District of Columbia Jeanine Pirro is leading the inquiry, which centers on potential violations of the Equal Credit Opportunity Act. The investigation follows a broader push by the Trump administration to crack down on what it views as politically driven debanking.
The executive order that kicked things off
President Trump signed an Executive Order on August 7, 2025, directing federal banking regulators to scrutinize whether banks have been engaging in politically motivated or unlawful debanking. The order mandates corrective measures, which could include fines, consent decrees, or referrals to the Department of Justice for serious violations.
The Office of the Comptroller of the Currency followed through on December 10, 2025, releasing preliminary findings from a review of nine major national banks. The institutions under scrutiny include JPMorgan Chase, Bank of America, and Citibank.
