US President Donald Trump is expanding the scope of his threats. The White House has unveiled draft legislation requiring financial regulators to investigate violations of equal credit opportunity laws, antitrust rules, and consumer financial protection statutes. Officials are expected to target violators with a range of measures, starting with fines.

According to The Wall Street Journal, cracking down on the debanking of cryptocurrency firms was one of Trump's campaign pledges. The US leader vowed to put an end to what he calls "Operation Choke Point 2.0." This refers to a series of measures adopted under President Joe Biden aimed at pushing crypto companies to the fringes of the global financial system.

The political climate has now shifted. Analysts say that the current administration had already considered adopting elements of Trump's proposal but eventually shelved the plan.

Earlier, Michael Saylor, founder and executive chairman of US firm Strategy, urged authorities to introduce an official classification for cryptocurrencies. He argues that the lack of such a framework is deterring corporate investors from allocating capital to digital assets.