J.D. Vance's Efforts to Shield Crypto, Energy, and Firearms Companies from Bank Regulators

A culture war is unfolding in the Senate over banking policies, with implications for regulatory pressure on banks to cut off customers such as crypto firms, gun manufacturers, and oil and gas companies. Senator J.D. Vance has introduced a bill to shield banks from such pressure, reflecting allegations that regulators discourage banks from serving politically unfavorable customers. A similar clash is occurring over a provision in a cannabis bill that would make it harder for regulators to pressure banks to sever ties with certain customers. The clash highlights how future culture war issues may play out in banking policy, but also raises concerns about exposing banks to risks from criminal activity.