US president Donald Trump has reportedly considered an executive order aimed at preventing banks from cutting services to unwanted industries, including cryptocurrency companies, according to a report from the Wall Street Journal, mentioning unnamed resources.
The move will come in response to allegations that some banks have refused services to tech and crypto traders as part of a coordinated critics of the storage campaign are called “Operation Chokepoint 2.0.”
Somehow 30 Technology and Cryptocurrency The founders have been reported to have declined access to banking services during the Biden administration.
The Trump administration weighs the executive order
Representatives from JPMorgan Chase, Citigroup, Wells Fargo and other US major banks met with state officials in Texas and Oklahoma to defend against allegations that they refused to serve the fun labor and fossil-fuel extraction industry, resources to WSJ said.
In February, democratic senator Elizabeth Warren called on the Trump administration to take action against the country’s largest banks for refusing services based on political or industry considerations.
“For me it’s straightforward: It doesn’t matter who you voted for, what you believe, or the source of your last name, people should not accidentally reject accessing their banks, to lock their accounts or strip their banking privileges,” Warren Says At a hearing of the Senate banking committee in February.
Related: FDIC Chair, ‘Architect of Operation Chokepoint 2.0’ Martin Gruenberg to resign on January 19
In March 2023, the US banking system struck following the sudden Falling Silicon Valley Bank and the voluntary -inside Liquidation of Silvergate Bank. Bank signature was also forced to Close the operations of New York regulators On March 12, two days after the destruction of the Silvergate Bank.
The sudden collapse of three crypto-friendly US banks were called Operation Chokepoint 2.0 by Crypto venture capitalist Nic Carter, who Saw This as a “coordinated effort” to not determine the crypto industry.
Related: Paolo Ardoino: competitors and politicians aim to ‘kill tether’
Crypto Debanking can continue until 2026
Despite a more desirable crypto regulation under the Trump administration, industry concerns may be Continue until 2026.
“It was earlier said that debanking was over,” said Caitlin Long, founder and CEO of the Custodia Bank. He said during the cointelegraph CHAINREACTION DAY -DAW X Show on March 21:
“Trump will not have the ability to appoint a new Fed governor until January. Therefore, you will see the bread leading to a potential big fight.”
“Because if OCC and FDIC have revoked their anti-crypto guidance but the Fed is not, where are we left?” he added.
Long’s Custodia Bank has been repeatedly targeted by the US EXPERIENCE EXPERIENCE, worth the firm Month of Work Month and “a couple of millions of dollars,” he explained.
Trump had earlier sworn that he was “ending the operation of ChokePoint 2.0” during his speech at White House Crypto Summit On March 7th.
