President Trump expressed his strong opposition to the practice of debanking crypto companies, labeling it “very bad and very dangerous” during a recent Oval Office interview. Claiming that this trend is primarily driven by the Biden administration, Trump remarked, “There is a lot of debanking… Those people are very bad and very dangerous, and they shouldn’t be doing it.”
Debanking refers to the practice where banks deny services based on affiliations with industries like crypto or due to political beliefs. Industry leaders have been vocal about experiences of being systematically denied standard banking services during Biden’s presidency. Conservatives, including Trump and his family, have echoed these concerns.
Trump shared his personal experiences, stating, “I can tell you, because I’ve been a victim myself because of my politics, that big banks were very nasty to us.” He attributed this behavior not to the banks themselves, but to the regulators who control them, asserting that the significant influence of regulators creates fear within banking institutions.
When asked if he plans to sign an executive order addressing debanking, Trump did not confirm but noted the ongoing issue. Reports suggest the White House is considering an executive order that would prevent regulators from targeting specific groups. Previously, Trump’s administration aimed to issue similar orders, but they were shelved. Now, however, White House officials appear to be reviving those discussions.
Despite the lack of direct evidence showing regulators instructing banks to refuse services specifically to crypto industry workers, the Trump administration’s recent documents indicate that discouragement of crypto services was part of past regulatory directives.
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