President Donald Trump criticized the controversial practice of closing bank accounts, warning that it represents a serious risk for businesses. When asked if he planned to sign a decree to deal with this issue, a subject of which many players in the crypto sector claim to have been victims, Trump did not confirm, but clearly indicated that the problem remained unresolved.
In short
- Trump sounded the alarm on the closure of accounts, connecting it to broader financial risks and an excess of regulation.
- He blamed federal regulators, saying that banks act under pressure and fear the regulatory consequences.
- Trump said he had personally the victim of closing accounts due to regulatory policy and influence.
Trump accuses regulators, not banks: political pressure in the viewfinder
The president expressed his concern about banks on Friday, refusing access not for legal reasons, but because of external influences, declaring to the journalist of Decrypt Sander Lutz that the growing role of regulators in the orientation of the actions of the banks is dangerous. He said:
These people are very bad and very dangerous, and they should not do this.
His comments reflect the frustrations expressed by many crypto leaders, who say they have been targeted by banks simply because they operate in the field of digital assets.
According to Trump, the main problem does not come from the banks themselves, but from the federal regulators who direct them. He said that most banking leaders do not act independently, but under pressure from government agencies.
Trump explained that the presidents of larger banks fear regulatory organizationsknowing that they could face serious consequences in the event of non-compliance. He also said that this environment was shaped by past instructions, perhaps from the Biden administration.
He added that he himself had experienced to be excluded from the financial system, qualifying this system as “bad”.
I can tell you, because I myself was the victim: because of my policy, the big banks were very hard with us. And I think that it is actually the people of the Biden administration who told them to act like this, because those that the banks fear the most are the regulators. They are afraid of it. I saw the biggest banker, whom you see all the time on television, become nervous and lose his means as soon as a regulator enters the room. They have a real fear of regulators.
President Donald Trump
Crypto industry claims targeted treatment
The trend in closing accounts has aroused continuous concerns in the Crypto industry, where many founders and operators have claimed that their accounts have been closed without reason. Some believe that this is a wider effort to isolate the sector.
In a podcast intervention in November 2024, the co -founder of A16Z Marc Andreessen said that more than 30 crypto founders had been debilized over the past four years. Actors in the sector qualified this continuous effort “Operation Choke Point 2.0”.
The absence of clear directives and formal accusations against the persons concerned has only accentuated the frustration of the industry. This treatment could be perceived as an obstacle to fair access to the banking system and slow down the growth of a sector in which the United States has long been in the lead.
Delayed executive decree projects
The Trump administration had planned to sign an executive decree on the closure of accounts in March, but suspended the effort shortly before its finalization. Trump said Friday that the question is still underway, without providing a final update on a possible revival of the decree.
Recent reports from the Wall Street Journal indicate that managers of the White House are considering again Put the executive decree on the agendasignaling a new interest in resolving the question of closing accounts.
An executive decree on the closure of accounts could offer significant advantages to the Crypto industry, by attacking the main challenges.
- It would help ensure that Crypto companies retain reliable access to banking services.
- Lighter regulatory directives would reduce uncertainty for Crypto companies.
- The decree could reverse exclusion practices against the crypto sector.
- It could alleviate the current pressures caused by the restrictive policies in force.
This potential approach aligns with the recent evolution of President Donald Trump towards regulation more favorable to crypto. In particular, he supported the Genius Act, a bill regulating the stablecoins which was recently adopted by the American Senate. In addition, the president of the federal reserve Jerome Powell said that banks can engage in crypto activities as long as they maintain security and financial stability.
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