- President Donald Trump criticized major U.S. financial institutions such as Bank of America and JPMorgan Chase for canceling bank accounts for political or ideological reasons, a practice known as "debanking."
- Industry leaders in the cryptocurrency sector, including Nathan McCauley from Anchorage Digital and Paul Grewal from Coinbase, praised Trump's actions and saw it as a victory for fairness in the financial system.
- Under the Biden administration, debanking became a tool for targeting both conservatives and the cryptocurrency industry, with federal regulators pressuring banks to cancel accounts of clients involved in crypto or supporting conservative causes.
- The second Trump administration has ended punitive accounting rules that discouraged banks from offering crypto custody services and launched investigations into debanking practices, signaling a shift in policy.
- Lawmakers such as Rep. James Comer (R-KY) and Sen. Tim Scott (R-SC) have pledged to hold hearings and address the issue, with Federal Reserve Chairman Jerome Powell acknowledging the issue during a Senate hearing.
Bigwigs in the cryptocurrency sector have praised President Donald Trump's war on "debanking" – the practice of canceling bank accounts for political or ideological reasons – with industry leaders seeing it as a long-awaited victory for fairness in the financial system.
The turning point came at the World Economic Forum (WEF) 2025 last month, where Trump appeared virtually. During the conference held in the Swiss town of Davos, the president put the heads of two major U.S. financial institutions – Bank of America (BofA) and JPMorgan Chase – on notice.
"I hope you start opening your bank to conservatives, because many conservatives complain that the banks are not allowing them to do business within the bank," Trump told BofA CEO Brian Moynihan. "That included a place called Bank of America."
"You and Jamie and everybody, I hope you're going to open your banks to conservatives, because what you're doing is wrong," he continued, this time addressing JPMorgan Chase CEO Jamie Dimon.
Nathan McCauley, CEO crypto bank Anchorage Digital, praised Trump's actions. "The worst of debanking appears to be behind us," he said. "What's even more significant is the bipartisan recognition from lawmakers that using banking access as a pressure tactic threatens core American values of fair play and due process."
Paul Grewal, chief legal officer at Coinbase, also celebrated the change. "We no longer need to debate whether debanking is real because everybody, Democrats and Republicans, agree that it is," he said. According to Grewal, hearings convened by lawmakers on the matter "were a clear sign that Congress gets it."
Trump's remarks at last month's WEF underscored a broader policy shift that has been building since his return to the White House. Under the Biden administration, debanking became a key tool in the regulatory arsenal, targeting both conservatives and the $3.5 trillion cryptocurrency industry.
The end of debanking: Second Trump administration takes a stand
Witness testimony during recent Senate Banking Committee hearings revealed that banks, under pressure from Biden-era regulators, canceled accounts of clients involved in crypto or those supporting conservative causes like the Second Amendment. Federal Reserve Chairman Jerome Powell acknowledged the issue during a Senate hearing, stating he was "struck" by evidence of debanking and removing language from examination manuals that encouraged account cancellations.
The Biden administration's approach mirrored the Obama-era Operation Choke Point, which discouraged banks from doing business with politically unpopular industries like gun sellers and payday lenders. Under Biden, the focus expanded to include cryptocurrency firms, with the Federal Deposit Insurance Corporation (FDIC) pressuring banks to debank crypto companies.
But the tide has turned under the second Trump administration, with debanking becoming a thing of the past after being made a serious policy under the Obama and Biden administrations. The new administration has not only ended punitive accounting rules that deterred banks from offering crypto custody services but also launched investigations into debanking practices.
House Oversight Committee Chairman James Comer (R-KY) and Senate Banking Committee Chairman Tim Scott (R-SC) have pledged to hold hearings and address the issue, with Scott's committee holding a hearing on the matter Tuesday, Feb. 11. According to the New York Post, Powell testified during the Tuesday hearing, telling lawmakers that he is removing language from examination manuals that causes Fed staff to cancel accounts.
"Debanking is un-American," Scott said in a statement from January. "Every legal business deserves to be treated the same regardless of their political beliefs." (Related: Bank of America's ANTI-CONSERVATIVE BIAS exposed as Congressional GOP probes de-banking scandal.)
For conservatives and the crypto industry, Trump's crackdown on debanking represents a 180-degree turn from the policies of his predecessors. The message is clear as day: Debanking is no longer tolerated in Trump’s America.
Watch James O'Keefe exposing how Chase Bank, now under JPMorgan Chase, is debanking conservatives in this clip.
This video is from the War Room channel on Brighteon.com.
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