If you have ever tried to buy crypto, you know you generally have to jump through hoops to find a bank that will work with these trading platforms.
Most of the major banks, for some reason, have shunned sites like Coinbase and refuse to deal with them.
It turns out, this was likely the Biden administration dropping the hammer to debank the entire industry.
We Don’t Trust It
The new information came to light as a result involving the downfall of the Silvergate Bank.
Chris Lane, the former chief technical officer of Silvergate Bank, stated, “Silvergate became what it was serving cryptocurrency clients.
“[Crypto was a] strategic vertical we started focusing on in 2013. Regulators came in sometime in Spring 2023 and severely limited the amount of U.S. dollar deposits we could hold for digital asset clients. There went our entire business model.”
Paul Grewal, the chief legal officer for Coinbase, obtained the documentation showing that the Biden administration was trying to get banks to lockout the industry.
He stated, “Law-abiding American businesses should be able to access banking services without government interference.
“The incoming administration has the opportunity to reverse so many poor crypto policy decisions, chief among them politically motivated regulatory decisions like Operation Chokepoint 2.0.”
Trump’s incoming crypto czar, David Sacks, will have a much friendlier take on the industry, so we expect these lockouts to cease, or at least the government to stop recommending them.
This is exactly why crypto has been exploding ever since the election, with Bitcoin crossing over the $100,000 mark for the first time in its history.
We fully expect Trump to be far more friendlier to the controversial currency, so do not be surprised to coins and funds continue to explode in anticipation of what the Trump administration will do for this financial sector.
