LOS ANGELES—The Free Speech Coalition (FSC) endorsed an executive order issued today by the Trump administration requiring banks, credit unions, and financial institutions to engage in fair business practices for all Americans and legal U.S.-based businesses.
In a statement published to social media on Thursday, FSC expressed gratitude and caution related to the order.
“This is welcome news for anyone who works in the industry and bad news for those who use debanking as censorship,” reads a post by FSC to Bluesky.
“For years, FSC has been in Washington, meeting with legislators on both sides of the aisle to educate them on debanking and highlighting the ways in which it harms sex workers. While there is still more work to be done, this is a huge victory for all those who fight against financial discrimination,” an accompanying thread states.
The Free Speech Coalition has long been in favor of fair banking rules. Previous efforts endorsed by the FSC included legislation and regulations, though applying to gun manufacturers and other controversial industries, that promote the equal banking paradigm for sex-based businesses.
“Over the coming weeks and months, we will see how this order is effectuated, and what tools are available to the adult community,” the Bluesky thread adds. “We’ll provide guidance as we’re able to understand the true impact of the order on those who work in the adult industry.”
The executive order issued by the Trump White House is broad in its scope and covers industries and sectors considered “controversial” to the banking industry.
“The federal banking regulators shall also consider rescinding or amending existing regulations, consistent with applicable law, to eliminate or amend any regulations that could result in politicized or unlawful debanking and to ensure that any regulated firm’s or individual’s reputation is considered for regulatory, supervisory, banking, or enforcement purposes solely to the extent necessary to reach a reasonable and apolitical risk-based assessment,” the executive order reads.
