Thomas Daniels
For years, cryptocurrency companies have reported account closures and denials of banking services under the banner of “de-risking” — a practice many in the sector describe as a coordinated effort to suppress digital assets, often referred to as “Operation ChokePoint 2.0.”
The arrival of President Donald Trump’s pro-crypto administration initially sparked optimism that such measures would be dismantled. Campaign rhetoric and early policy announcements suggested a more favorable regulatory climate, leading industry participants to anticipate greater banking access.
Yet, recent developments indicate that restrictions remain deeply embedded. Andreessen Horowitz general partner Alex Rampell cautioned last week that major banks are tightening their grip on fintech and crypto platforms — a trend he described as “Operation Chokepoint 3.0.” This includes higher fees for accessing account data or transferring funds to services like Coinbase and Robinhood.
Alex Konanykhin, CEO of Unicoin, told Cointelegraph that multiple U.S. banks continue to terminate accounts held by crypto firms without providing explanations. “We know about it first-hand, as Unicoin and its subsidiaries have been de-banked without explanations by several banks,” he said, naming Citibank, Chase, Wells Fargo, City National Bank of Florida, and TD Bank among those severing ties.
Konanykhin disclosed that four of these closures occurred in 2025 alone, suggesting a “large-scale, nationwide operation.” Unicoin, a publicly reporting corporation with six years of audited financial statements and more than 4,000 shareholders, has found these measures “highly disruptive and damaging” to the U.S. crypto sector.
A spokesperson for Chase declined to address specific cases but noted the bank’s support for “removing unnecessary regulatory barriers” and modernizing anti–money laundering rules in line with the Trump administration’s stated direction.
According to Bloomberg, President Trump is preparing an executive order requiring federal banking regulators to identify and penalize financial institutions that engage in debanking. The directive would also mandate a review of complaint data and instruct Small Business Administration–regulated banks to reinstate clients unlawfully denied services.
Konanykhin expressed optimism that the initiative could reverse the industry’s fortunes: “Ending the War on Crypto will boost the American crypto industry. It may become as impactful internationally as Hollywood in entertainment or Silicon Valley in IT.”
Still, legal experts warn that substantial reform hinges on the final language of forthcoming rules. Elizabeth Blickley, a partner at Fox Rothschild’s Tax Controversy & Litigation Practice, cited the newly signed Genius Act, which grants the Federal Reserve’s Stablecoin Certification Review Committee 180 days to craft a regulatory framework.
Blickley cautioned that most bills stall in committee, and even enacted regulations can be rendered ineffective through narrow definitions or selective enforcement. Until clarity emerges, she said, banks will likely maintain their cautious stance. “It’s all about making risk-averse entities feel like crypto is less of a risk,” she concluded.
