Trump Accuses Biden of Orchestrating Crypto Bank Blockade: Claims “Debanking” Rampant

Former President Donald Trump has accused President Joe Biden of directing banks to sever ties with cryptocurrency firms, alleging widespread “debanking.” During a rally in Racine, Wisconsin, Trump stated, “They want to crush the crypto industry, so they’re trying to debank them.” He added, “I wasn’t a big fan of crypto, but now I am.” Trump pledged to end this practice if re-elected. These statements come amid growing concerns about increased scrutiny from US regulators on crypto businesses, including pressuring banks to cut off relationships. In March, three Republican congressmen warned federal regulators against “debanking” the crypto industry, expressing concerns that it could harm legitimate companies and stifle innovation. Trump’s newfound affinity for crypto coincides with his efforts to court the crypto community, recently announcing the acceptance of crypto donations for his presidential campaign. The Biden administration’s official stance remains cautious regarding cryptocurrencies, emphasizing investor protection and preventing illicit activities. However, Trump’s claims raise questions about potential political pressure on banks to restrict banking access for crypto firms.