US President Donald Trump is preparing to sign two landmark executive orders aimed at reshaping the country’s financial landscape. The first seeks to end “debanking” the practice of banks cutting off services to customers based on political or religious beliefs, while the second will allow cryptocurrencies and other alternative assets in 401(k) retirement plans.
These moves mark the latest in a series of crypto-friendly policies from the Trump administration, following the passage of the Genesis Act, the first US federal law regulating stablecoins. Together, the measures are expected to open new opportunities for individuals, businesses, and the wider digital asset market.
Ending ‘Debanking’ in the US
Trump’s “debanking” order will direct federal banking regulators to remove the concept of “reputational risk” from guidance given to lending institutions. Critics say this vague term has been used to justify cutting off financial services to politically unpopular groups and certain industries, including crypto firms.
The order will require regulators to review past and current bank policies that may have encouraged politicised or unlawful account closures. Any institution found to have violated equal credit or consumer protection laws could face fines and enforcement action.
Trump has accused major US banks such as JPMorgan Chase and Bank of America of rejecting his business after his first term, claiming discrimination for political reasons. While JPMorgan denies closing accounts over politics, it has stated that it agrees “regulatory change is desperately needed.”
The “debanking” issue has long affected undocumented people and low-income Americans, who often turn to high-interest payday lenders when denied banking services. More recently, conservative groups have argued they are targeted by what they call a left-leaning corporate culture. Trump’s order is also seen as a direct response to allegations of “Operation Chokepoint 2.0” an alleged effort under the Biden administration to deny banking services to crypto companies.
Crypto and Alternative Assets in 401(k) Plans
In a separate order, Trump will instruct the US Labor Department to allow cryptocurrencies, private equity, real estate, and other alternative assets in 401(k) retirement plans. This policy will tap into the roughly $12.5 trillion held in these accounts across the country.
The move is intended to give Americans greater choice over how their retirement funds are invested. It will require the Labor Department to revise existing guidance under the Employee Retirement Income Security Act of 1974 (ERISA) and clarify the government’s position on private allocation of funds to crypto and other alternative holdings.
Labor Secretary Lori Chavez-DeReme will be tasked with ensuring that retirement plan providers can offer these new options, while keeping investor protections in place.
A Boost for the Crypto Market
Analysts say opening 401(k) accounts to crypto could trigger a major inflow of capital into the digital asset market, making it more mainstream and potentially pushing prices higher. By including crypto alongside traditional assets, investors can diversify their portfolios and potentially capture long-term growth.
Trump has framed the move as part of a broader financial shift, positioning the US as a global leader in blockchain innovation. His administration recently hosted “Crypto Week” at the White House, signalling continued political support for the sector.
From Stablecoins to Retirement Funds
Earlier this year, Trump signed the Genesis Act, which introduced the first federal framework for stablecoins, requiring them to be pegged 1:1 to the US dollar. This law, together with the upcoming executive orders, reflects a coordinated approach to integrating digital assets into the mainstream financial system.
If successful, these measures could transform how Americans save, invest, and access banking services. Ending debanking would widen access to financial tools, while adding crypto to retirement plans could encourage broader adoption and long-term investment in the sector.
As Trump puts it, the goal is to ensure that Americans have “the freedom to choose how they save and the right to be treated fairly by their banks.” The coming months will reveal how quickly these changes take effect, and whether they will indeed reshape the financial landscape in favour of crypto and individual choice.
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