President Donald Trump has intensified his criticism of the Federal Reserve and the Biden administration, particularly over issues related to cryptocurrency banking. Trump described the ongoing debanking of crypto firms as “very bad and very dangerous,” attributing this trend to regulatory pressures under President Biden’s administration, which critics have dubbed “Operation Chokepoint 2.0” .
Trump’s Stance on Crypto and Banking
Trump has positioned himself as a pro-crypto leader, emphasizing the need for the U.S. to remain competitive in the digital asset space. He has rolled back policies like SAB 121 and promoted anti-discrimination rules in banking to support crypto firms .
Criticism of the Federal Reserve
Trump also renewed his criticism of Federal Reserve Chairman Jerome Powell, urging him to resign and calling him a “stubborn mule” for not lowering interest rates. Trump believes that high interest rates will increase the cost of debt for the U.S., potentially by hundreds of billions of dollars annually .
Potential Executive Order
There are indications that Trump might issue an executive order to prevent banks from denying services to crypto firms based solely on their industry or political affiliations. This move could significantly improve financial access for crypto companies and support the sector’s growth .
