Crypto Debanking Persists Despite Trump’s Push to End ‘Chokepoint’ Policies

Banks maintain restrictions despite political promises

Crypto companies in the United States are still facing account closures and banking service denials despite President Donald Trump’s pro-crypto stance and campaign promises to dismantle restrictive “Operation Chokepoint” policies.

Unicoin CEO Alex Konanykhin that several US banks, including Citibank, Chase, Wells Fargo, City National Bank of Florida and TD Bank, have closed accounts for Unicoin and its subsidiaries without explanation. He claims four banks cut ties with the company in 2025 alone, calling it evidence of a “large-scale nationwide operation” against crypto firms.

Industry leaders raise alarm over ‘Operation Chokepoint 3.0’

Andreessen Horowitz partner Alex Rampell recently warned that major banks are making it harder for fintech and crypto apps to operate, labeling the practice “Operation Chokepoint 3.0.” This includes higher fees for account data access and fund transfers to platforms like Coinbase and Robinhood.

Konanykhin said the campaign is “highly disruptive and damaging” to the American crypto sector, cutting off basic financial services and undermining the country’s position in the global digital asset market.

Trump plans executive order to stop debanking

Bloomberg reports that Trump will soon sign an executive order instructing federal regulators to identify and penalize banks engaged in debanking. The order is expected to require reviews of complaint data and mandate that SBA-regulated banks reinstate unlawfully denied clients.

Konanykhin believes the move could mark a turning point. “Ending the War on Crypto will boost the American crypto industry,” he said, comparing its potential global influence to Hollywood and Silicon Valley.

Legal experts caution change may be slow

Elizabeth Blickley, a partner at Fox Rothschild, noted that while Trump has called for integrating crypto into mainstream finance, real progress depends on the final wording of upcoming regulations. She cited the newly signed Genius Act, which gives the Federal Reserve’s Stablecoin Certification Review Committee 180 days to propose a framework.

Blickley warned that most congressional bills fail to advance and that new laws may still face legal challenges. Until regulatory clarity emerges, she expects banks to remain risk-averse toward crypto. “It’s all about making risk-averse entities and people feel like crypto is less of a risk,” she said.