Despite recent positive legislative changes in the United States, experts and crypto industry leaders note that access to banking services for cryptocurrency companies remains a pressing issue.
Debanking Issues in the US
The collapse of crypto-friendly banks in early 2023 sparked initial allegations of the so-called 'Operation Chokepoint 2.0'. Critics like venture capitalist Nic Carter view it as a government effort to pressure banks into cutting ties with cryptocurrency firms. Caitlin Long, founder and CEO of Custodia Bank, believes it's premature to say debanking is over. She notes that two crypto-friendly banks are currently under thorough examination by the Federal Reserve, with significant expenses and time lost for her bank due to these investigations.
Situation in Europe
Anastasija Plotnikova, co-founder and CEO of blockchain regulatory firm Fideum, points out that debanking is one of the main operational challenges for European cryptocurrency firms. She shares her experience of account closures over the years, indicating that such issues hinder operational activities for both users and crypto firms.
Political Statements and Implications
Following the US Office of the Comptroller of the Currency easing its stance on crypto banking, President Donald Trump vowed to end debanking restrictions. His statement indicated the intention to end 'Operation Chokepoint 2.0', but critics note that significant changes still pose challenges for the industry.
Access to banking services continues to pose significant challenges for the cryptocurrency industry in both the US and Europe. Despite positive shifts, many companies still struggle with regulatory barriers.
