The FSC is calling this a win, but is it really?

If you really read the executive order from Trump, it reads more like protection for right-wing extremists, instead of any real protection for porn stars or anyone else working in the adult industry. But I guess only time will tell.

The Free Speech Coalition (FSC) has expressed cautious support for a new executive order signed today by former President Donald J. Trump, which aims to prohibit financial institutions from denying services to individuals and businesses based on political beliefs, religious affiliation, or legal business activity, including sex work.

Titled “Guaranteeing Fair Banking for All Americans”, the order mandates that banks, credit unions, and other financial service providers stop using so-called “reputational risk” as a basis to deny or restrict services. It further requires financial institutions to identify and potentially reinstate accounts previously closed due to what the order refers to as “politicized or unlawful debanking.”

In a post to Bluesky, the Free Speech Coalition wrote:

“This is welcome news for anyone who works in the industry and bad news for those who use debanking as censorship.”

While the adult industry trade group welcomed the development, it also emphasized that more work remains.

“We will see how this order is effectuated, and what tools are available to the adult community,” FSC added in a thread. “This won’t cure everything, but it’s a positive sign in a long fight.”

The executive order calls for:

• Removal of “reputation risk” language from federal banking guidance.
• A comprehensive strategy to investigate and penalize politicized debanking practices.
• Review and potential reinstatement of accounts closed based on political or religious grounds, or due to lawful business activities.

Explicit protections for individuals and entities engaged in legal but “controversial” businesses.

The order also tasks the Small Business Administration and federal banking regulators with reviewing past and ongoing debanking practices and issuing penalties for unlawful activity where applicable.

The adult entertainment sector, particularly sex workers and online adult content creators, has long reported being denied access to banking, merchant services, and peer-to-peer payment platforms due to “reputational risk” designations. This includes sudden account closures, withheld payments, and loan denials, often without explanation.

For years, the Free Speech Coalition has led advocacy efforts in Washington, meeting with lawmakers and regulators to push for fair banking standards that treat adult businesses as legitimate, legal enterprises.

“Thanks to everyone who came with us to DC, sometimes on little sleep and on their own dime, to fight for access to banking and financial services,” the FSC said in its statement.

While FSC framed the order as a step toward ending financial discrimination in the adult industry, others argue its true intent centers on protecting right-wing political donors and activists.

The order’s preamble focuses heavily on post–January 6 financial surveillance, including alleged targeting of individuals using keywords like “MAGA” or “Trump” in transactions. It references Operation Choke Point—a former DOJ initiative that pressured banks to avoid servicing high-risk industries, including firearms and adult entertainment—as an example of politicized enforcement.

Critics note that the language of the order appears to prioritize ideological grievances, particularly those associated with conservative political causes.

“It’s framed as guaranteeing fair banking for all Americans,” one observer noted, “but the narrative centers on protecting the political right. Whether this will meaningfully help sex workers remains to be seen.”

The FSC has pledged to monitor how the executive order is implemented and to provide the adult community with guidance as enforcement mechanisms become clearer.

The order gives agencies 180 days to revise guidance and begin reviews of financial institutions. Whether these changes will lead to lasting improvements for sex workers and adult businesses who have long faced institutionalized banking discrimination remains uncertain.

Until then, the FSC says this order marks a “huge victory” in a broader, ongoing campaign to secure equal treatment under financial law for the adult industry.

We shall see.

In the meantime, I invite you to read the full wording of the executive order yourself and draw your own conclusions.