Trump Condemns Debanking of Crypto Firms as ’Very Dangerous’ for U.S. Economy

Former President Donald Trump has positioned himself as a pro-crypto leader, sharply criticizing the debanking of cryptocurrency firms under the Biden administration. Describing the practice as "very bad and very dangerous," Trump highlighted its detrimental impact on the U.S. crypto industry during a recent Oval Office appearance on June 28.

"There is a lot of debanking. Those people are very bad and very dangerous, and they shouldn’t be doing it," TRUMP stated, responding to questions about potential executive action to address the issue. He drew parallels to his own experiences with financial exclusion, alleging political motivations behind the banks' actions. "The one group of people the banks are afraid of are the regulators. They are petrified of the regulators," he added.

While Trump stopped short of confirming a new executive order, his remarks underscore growing tensions between the crypto industry and regulatory bodies. The so-called "Operation Chokepoint 2.0" has been widely blamed for the financial exclusion of crypto firms, raising concerns about competitiveness and innovation in the U.S. financial sector.