Despite support for cryptocurrencies from the Trump administration, banks continue to close accounts for crypto companies. Meanwhile, Ether shows significant growth, returning Vitalik Buterin to billionaire status.
Challenges for Crypto Firms with Bank Accounts
Crypto firms are facing challenges due to banks closing accounts as part of an initiative known as 'Operation Chokepoint.' Unicoin CEO Alex Konanykhin stated that major banks like Citibank, Chase, and Wells Fargo have severed ties with his company without explanation. Despite Trump's team pushing for crypto, banks remain cautious, making it difficult for these businesses to operate.
Vitalik Buterin Returns as an Onchain Billionaire
Following a significant rise in Ether's price, which reached $4,244 per token, Vitalik Buterin is once again a billionaire. The increase in Ether's price by 6.38% has been attributed to substantial investments in ETFs, which traders believe could drive the price to its former peak of $4,878.
Bo Hines' Departure and the Future of Crypto Industry
Bo Hines announced his departure from his role as head of the White House Crypto Council, stating he intends to continue supporting cryptocurrencies from the private sector. In his announcement, he highlighted that serving in the Trump administration was a great honor and emphasized the importance of positioning the U.S. as a leader in cryptocurrency. Experts note the council has made progress in establishing crypto regulations, though some significant Bitcoin legislation was overlooked.
Nevertheless, despite the hurdles faced by crypto firms due to bank account closures, the rise in Ether and changes in leadership signal ongoing development in the crypto industry. Optimism remains in expectation of clearer regulations and market trends.
