The post Trump’s cryptocurrency policy sparks hope – Debanked firms fight back appeared on BitcoinEthereumNews.com.

Trump’s presidency sparks a shift in crypto regulations, reversing Biden-era banking restrictions. Republican-led investigations target alleged debanking of crypto firms under the previous administration. With Donald Trump stepping in as the 47th U.S. president, the crypto industry has already started seeing a shift in sentiment. Under the previous administration though, regulatory pressure by the SEC created an atmosphere of uncertainty for digital asset firms, the details of which have started to come out now. Anchorage Digital CEO Nathan McCauley is now shedding light on the challenges his company faced in 2023, offering a firsthand account of how Biden-era policies impacted the crypto ecosystem. Nathan McCauley weighs in After testifying at the Senate hearing titled “Investigating the Real Impacts of Debanking in America,” McCauley shared his insights in an interview with CNBC and said,  “Our story is pretty ridiculous. We had a bank that we had a growing relationship with for a number of years, who basically on a dime, decided to turn off our bank account.” This highlights how crypto firms across the U.S. faced abrupt banking shutdowns, where banks severed ties with digital asset companies without warning.  Industry leaders argue this isn’t a coincidence, but rather a continuation of “Operation Choke Point 2.0”—a suspected effort under the Biden administration to pressure banks into distancing themselves from crypto. At the World Economic Forum in Davos, Trump directly accused major banks like JPMorgan Chase and Bank of America of politically driven debanking, alleging they were excluding conservatives due to regulatory influence. While the banks denied any wrongdoing and Trump provided no concrete proof, his claims ignited a Republican-led investigation into financial discrimination. Senator Rick Scott joins the fray Additionally, Senator Rick Scott, now leading the Senate Banking Committee, has taken up the issue, emphasizing its significance during the aforementioned hearing.  His…

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Filed under: News - @ February 18, 2025 1:15 am