Crypto debanking is ‘still occurring’ as banks stick to Chokepoint policies

Key Points

1. Unicoin CEO Alex Konanykhin reports that US banks, including Citibank, Chase, Wells Fargo, and City National Bank of Florida, have closed accounts for crypto firms without explanation, suggesting a large-scale 'Operation Chokepoint.'

2. Konanykhin claims Unicoin, a publicly reporting corporation with audited financials, has been debanked by four banks this year alone, calling it an effort to suppress the American crypto industry.

3. President Trump’s proposed executive order to curb debanking is seen as potential relief, with Konanykhin believing it could help the US crypto industry reclaim global leadership.

4. Elizabeth Blickley notes regulatory challenges, pointing to the Genius Act, which requires the Federal Reserve to review stablecoin integration, but warns most bills fail in Congress due to wording and debate.

5. The article highlights ongoing tensions between crypto firms and banks, with industry leaders viewing debanking as a regulatory obstacle despite political shifts.