In a landscape where cryptocurrency is gaining traction, US banks appear to be sticking with policies reminiscent of the controversial “Operation Chokepoint.” Despite former President Donald Trump’s vocal support for digital currencies, financial institutions are reportedly still shutting down accounts of crypto firms. This follows recent reports that Trump plans to order a probe into crypto and political debanking claims, highlighting the ongoing political discourse around the issue.
A Persistent Hurdle for Crypto
Unicoin CEO, Jane Anderson, has expressed frustration over the ongoing challenges faced by crypto businesses in the United States. “It’s baffling,” she says, “that even with increased mainstream acceptance and political support, banks are still pulling the plug on our accounts.” Her comments underscore a growing tension between the burgeoning crypto sector and traditional banking systems.
While banks maintain that such measures are essential for curbing potential financial crimes, critics argue that this blanket approach is stifling innovation. Anderson adds, “We’re not asking for special treatment—just a fair shot to operate within the regulatory framework.”
Operation Chokepoint: A Lingering Legacy
The specter of “Operation Chokepoint,” an initiative from the early 2010s aimed at cutting off banking services to industries deemed high-risk, is palpable in today’s crypto banking woes. While the original operation officially ended years ago, its influence seems to linger. In response, Trump is reportedly considering an executive order to shield crypto firms from debanking, which could mark a significant shift in policy.
Crypto entrepreneurs argue that these banking practices are an indirect continuation of Chokepoint’s ethos. “It’s almost as if the playbook never left the table,” says Mark Stevens, a blockchain analyst. He notes that while the operation targeted industries like payday lenders and firearms dealers, its spirit seems alive in the way crypto firms are handled.
Navigating a Murky Future
The crypto market, despite its volatility, continues to mature with innovations like decentralized finance (DeFi) and non-fungible tokens (NFTs) gaining ground. Yet, the banking blockade poses a critical obstacle. With a lack of access to traditional financial services, crypto firms are forced to explore alternative banking solutions or relocate to more crypto-friendly jurisdictions.
This standoff raises questions about the future of the crypto industry in the US. Some believe that continued regulatory clarity could help. “Regulatory frameworks need to catch up with the pace of innovation,” asserts Rachel Liu, a fintech policy expert. “Until then, we’re stuck in this gray area.”
Looking Ahead
As we move deeper into 2025, the tension between crypto firms and banks remains unresolved. The crypto community is watching closely to see if emerging political leaders will influence a shift in banking attitudes. Meanwhile, companies like Unicoin are left navigating a precarious landscape—one that demands resilience and adaptability.
And so, the question persists: Will the US banking sector eventually embrace the crypto revolution, or will it continue its cautious dance around digital currencies? As these financial dynamics unfold, the implications for the industry—and its investors—are significant and far-reaching.
Source
This article is based on: Crypto debanking is ‘still occurring’ as banks stick to Chokepoint policies
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
