Coinbase's Chief Legal Officer Paul Grewal raised a significant issue on X following the AIMA survey, which revealed that 75% of crypto hedge funds face challenges accessing basic banking services.
Key Takeaways from the AIMA Press Release
AIMA surveyed 160 crypto hedge funds and found that 75% have faced difficulties accessing banking services over the last three years. These issues include total service denial with no formal explanations. AIMA states that these actions undermine the operational efficiency of the U.S. crypto sector.
AIMA Calls for Change, Trump's Position
AIMA calls for collaboration with the new administration and banking leaders. Donald Trump, for his part, promises to shut down Operation Choke Point 2.0 if elected. However, Jerome Powell's policy statements indicate potential resistance from the financial sector.
Operation Choke Point 2.0: Myth or Reality?
The original Operation Choke Point, launched during Obama's presidency, aimed to limit banking services to fraud-prone businesses. In today's context, a similar initiative seems to target crypto companies. Documents released by Coinbase suggest that the FDIC was pushing banks to stop working with crypto firms long before recent crises in the crypto industry.
Banking service challenges for crypto companies could hinder innovation in the U.S. and make the country less attractive for these businesses.
