Crypto Debanking Persists Despite Trump’s Push to End ‘Chokepoint’ Policies
Main Idea
Despite former President Trump's efforts to end restrictive banking policies, crypto firms continue to face service denials, with industry leaders warning of 'Operation Chokepoint 3.0' and legal experts cautioning that regulatory changes may be slow.
Key Points
1. Unicoin CEO Alex Konanykhin reports that several US banks, including Citibank and Chase, have closed accounts for Unicoin and its subsidiaries without explanation in 2025.
2. Andreessen Horowitz partner Alex Rampell warns of 'Operation Chokepoint 3.0,' involving higher fees for account access and fund transfers to crypto platforms like Coinbase and Robinhood.
3. Trump plans to sign an executive order requiring SBA-regulated banks to reinstate unlawfully denied clients, which Konanykhin believes could mark a turning point for crypto.
4. Legal expert Elizabeth Blickley notes that while Trump's order may help, regulatory changes will take time, citing the newly signed Genius Act's 180-day framework proposal period.
5. Banks are expected to remain risk-averse toward crypto despite potential policy shifts.
Description
Banks maintain restrictions despite political promises Crypto companies in the United States are still facing account closures and banking service denials despite President Donald Trump’s pro-crypto stance and campaign promises to dismantle restrictive “Operation Chokepoint” policies. Unicoin CEO Alex Konanykhin that several US banks, including Citibank, Chase, Wells Fargo, City National Bank of Florida and TD Bank, have closed accounts for Unicoin and its subsidiaries without explanation. He cl...
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