{"id":14896,"date":"2025-08-10T15:18:38","date_gmt":"2025-08-10T13:18:38","guid":{"rendered":"https:\/\/wsj-crypto.com\/?p=14896"},"modified":"2025-08-10T15:18:38","modified_gmt":"2025-08-10T13:18:38","slug":"crypto-de-banking-continues-amid-trumps-advocacy-for-digital-currency-claims-unicoin-ceo","status":"publish","type":"post","link":"https:\/\/wsj-crypto.com\/index.php\/2025\/08\/10\/crypto-de-banking-continues-amid-trumps-advocacy-for-digital-currency-claims-unicoin-ceo\/","title":{"rendered":"Crypto De-Banking Continues Amid Trump\u2019s Advocacy for Digital Currency, Claims Unicoin CEO"},"content":{"rendered":"

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Crypto enterprises have encountered account terminations and refusals of banking services for several years under the guise of de-risking. Numerous individuals in the crypto sector contend that the removal of banking support signifies a policy-driven initiative to stifle digital assets, dubbed \u201cOperation ChokePoint 2.0.\u201d<\/p>\n

Following President Donald Trump\u2019s pro-crypto team securing the election, many anticipated that the period of debanking had concluded. His campaign rhetoric and initial policy actions hinted<\/a> at a more favorable atmosphere for digital assets, leading some to believe banks would relax restrictions on crypto clients.<\/p>\n

Nevertheless, recent occurrences indicate that the practice is still deeply rooted. Last week, Andreessen Horowitz partner Alex Rampell alerted<\/a> that major banks are pressuring fintech and crypto applications in \u201cOperation ChokePoint 3.0,\u201d by increasing fees for accessing account information or transferring funds to platforms like Coinbase and Robinhood.<\/p>\n

Echoing these apprehensions, Alex Konanykhin, CEO of Unicoin, informed Cointelegraph that US banks persist in terminating accounts for crypto firms without justification, despite increasing political pressure to halt the practice.<\/p>\n

\u201cWe have experienced this directly, as Unicoin and its subsidiaries have been debanked, without justifications, by multiple banks,\u201d Konanykhin stated. He mentioned five banks that have severed ties with Unicoin or its subsidiaries over the past years, including Citibank, Chase, Wells Fargo, City National Bank of Florida, and TD Bank.<\/p>\n

Cointelegraph contacted each of these banks for a statement but had not received any reply by the time of publication.<\/p>\n

Operation ChokePoint 3.0 by Alex Rampell: Source: a16z<\/em><\/figcaption><\/figure>\n

Related: <\/strong><\/em>Trump appoints top economic advisor to temporarily fill crucial US Fed position<\/strong><\/em><\/a><\/p>\n

Widespread \u201cnationwide initiative\u201d<\/h2>\n

Konanykhin asserted that Unicoin was debanked by four banks this year alone, which \u201cimplies that ChokePoint is a widespread nationwide initiative.\u201d Unicoin is a publicly reporting corporation with six years of audited financial statements and more than 4,000 shareholders.<\/p>\n

Konanykhin noted that the debanking initiative has caused \u201csignificantly disruptive and harmful\u201d conditions for crypto companies in the US, depriving them of basic financial services and \u201cundermining the American crypto sector.\u201d<\/p>\n

On Thursday, Bloomberg reported that President Trump will issue an executive order<\/a> directing federal bank regulators to identify and penalize financial institutions that have engaged in debanking.<\/p>\n

The order will, reportedly, obligate regulators to examine complaint data, while banks supervised by the Small Business Administration must work to reinstate clients who were unjustly denied services.<\/p>\n

Konanykhin expressed optimism that President Donald Trump\u2019s proposed executive directive to combat debanking might provide relief. \u201cThe President comprehends the challenges of debanking firsthand and seems resolute in putting an end to this form of economic warfare against American enterprises,\u201d he remarked.<\/p>\n

He commented that terminating debanking could facilitate the US crypto sector\u2019s return to global prominence. \u201cEnding the War on Crypto will enhance the American crypto industry. It may achieve an international impact comparable to that of Hollywood in entertainment or Silicon Valley in IT,\u201d he observed.<\/p>\n

Related: <\/strong><\/em>Trump to initiate investigation of crypto and political debanking allegations: WSJ<\/strong><\/em><\/a><\/p>\n

Crypto reform depends on final phrasing of regulations<\/h2>\n

Meanwhile, Elizabeth Blickley, a partner at Fox Rothschild\u2019s Tax Controversy & Litigation Practice, conveyed that while Trump has directed agencies and Congress to evaluate how crypto can be incorporated into mainstream finance, significant changes will hinge on the final language of regulations and laws.<\/p>\n

She highlighted the recently enacted Genius Act, which grants the Federal Reserve\u2019s Stablecoin Certification Review Committee 180 days to create a regulatory framework.<\/p>\n