Carter defined this alleged operation of the Chokepoint 2.0 discrimination campaign, in reference to a Antifraud program of the Obama era According to which, according to what was reported, US officials discouraged banks from dealing with pornography, payable loans and other unfavorable industries. On the track of the countryside in view of the presidential elections of 2024, Trump has adopted terminology himself.
“I am happy that the Trump administration is facing this struggle and I hope they can create a picture for the fair banking overall,” says Carter, speaking with Wired.
Fic and Federal Reserve refused to comment. “It is unacceptable for banks to discriminate customers or potential customers based on political or religious beliefs,” says Gould, currency controller for the Occ. “I intend to evaluate the size and scope of this problem and take the appropriate actions to decompose the federal banking system and ensure that banks provide fair access to financial services as required by law.”
In an interview with the CNBC Tuesday, Trump said he had first experienced Debanking: both Bank of America and JP Morgan Chase, he said, previously withdrawn the accounts or refused to accept his deposits. “The banks discriminated very badly to me”, Trump complaint.
“We do not close the accounts for political reasons and we agree with President Trump that regulatory change is desperately necessary,” says Patricia Wexler, CEO of JP Morgan’s business communications. The Bank of America refused to comment, but indicated to subsequent interview In which his CEO, Brian Moynihan, said: “We Bank all”.
According to Donald Trump Jr., the behavior of the banks has contributed to awakening the Trump family to the alleged promise of cryptocurrency, as a basis for a parallel financial system in which everyone has custody on their funds. “We entered cryptocurrency not because it was, as, hey, this is the next interesting thing. We entered for necessity”, he he told the CNBC in June.
From Trump’s return to the White House, cryptocurrencies are already finding easier to guarantee accounts with US banks, as previously reported Wired. But while the recent turn of the atmosphere is welcome, questions remain on the practices of applying the executive order and potential unwanted side effects linked to limiting the terms on which a bank can refuse to serve a customer.
“Simply asking that banks provide services to all customers is not practicable because discretion should be allowed to banks on which they are needed,” says Carter. “The challenge is to install a supervisory regime that allows banks the discretion of deriding non -profitable or risky customers through the normal course of their activity, ending the customer’s debbanking practice due to their policy.”
A step towards achieving this, proposes Carter, could be to remove the doctrine of “Reserved supervision information“According to which banks are prevented from revealing the details of some discussions with their regulators to the public.
“Despite Swan be deflated in 2022 Without explanations and any appeal, I believe in the right of private companies, even to banks, to evaluate the risk and decide with those who want to do business, “says Cory KlippSten, CEO of the Bitcoin Swan Bitcoin service company.” This looks more like a political theater and a refund for cryptocurrency campaign donations than a real attempt to solve the problem. “
The White House refused to comment.
The cryptocurrency industry can be confident of its long -term safety in the US market once its access to the banking sector has been sanctioned by law, beyond an executive order that could be easily canceled by a future administration.
“Even if at the moment there is a more friendly administration in place, there is still nothing codified in law,” said Azeem Khan, founder of Crypto Startup Miden, speaking with Wired at the beginning of the year. “[We need] New laws that allow us to be sure that the pendulum does not oscillate according to those who are sitting on the chair. “