The administration of the American president Donald Trump would consider an executive decree aimed at preventing banks from cutting services to the politically unfavorable industries, including cryptocurrency companies, according to a report by the Wall Street Journal, citing unnamed sources.
This decision would take place in response to allegations according to which certain banks have denied services to technological and cryptographic entrepreneurs as part of a coordinated debannage campaign, the criticisms of the “Operation Chokepoint 2.0”.
At least 30 founders of technology and cryptocurrency would have been refused access to banking services during the Biden administration.
The Trump administration weighs the executive decree
Representatives of JPMorgan Chase, Citigroup, Wells Fargo and other major American banks met with state officials in Texas and Oklahoma to defend against allegations according to which they refuse to serve the fun manufacturing and extraction industries of fossil fuels, sources told WSJ.
In February, Democratic Senator Elizabeth Warren called on the Trump administration to take measures against the largest banks in the country to refuse services based on political or industrial considerations.
“For me, it’s simple: no matter who you voted for, what you believe or the origin of your last name, people should not arbitrarily refuse access to their banks, locked up with their accounts or stripped of their bank privileges,” said Warren during a banking committee hearing in the Senate in February.
In relation: President of the FDIC, “Architect of Operation Chokepoint 2.0” Martin Gruenberg to resign on January 19
In March 2023, the American banking system took a blow after the sudden collapse of Silicon Valley Bank and the voluntary liquidation of Silvergate Bank. Signature Bank was also forced to close operations by New York regulators on March 12, two days after the liquidation of Silvergate Bank.
The sudden collapse of three friendly cryptographic American banks was called Chokepoint 2.0 operation by cryptographic venture capital Nic Carter, who saw it as a “coordinated effort” to denigrate the cryptographic industry.
In relation: Paolo Ardoino: competitors and politicians intend to “kill the attachment”
The uningering of cryptography can continue until 2026
Despite a more favorable cryptographic regulatory regime within the framework of the Trump administration, the concerns of debanking industry may persist until 2026.
“It is premature to say that the gambling is over,” according to Caitlin Long, founder and CEO of the Custodia Bank. She said during the Daily X Cointelegraph chainrection on March 21:
“Trump will not have the capacity to appoint a new Fed governor before January. Therefore, you can see the breadcrumbs leading to a potentially important fight.”
“Because if the OCS and the FDIC overturn their anti-Crypto advice but the Fed does not do so, where does that leave us?” She added.
Long’s Custodia Bank has been targeted on several occasions by the United States’s debanking efforts, costing the firm months of work and “a few million dollars,” she said.
Trump previously swore that he “ended Operation ChokePoint 2.0” during his speech at the top of the White House cryptography on March 7.
https://www.youtube.com/watch?v=GD81DFCMI4
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