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Donald Trump’s Push to Make America the Global Crypto Capital
Donald Trump has once again made headlines with his latest executive orders aimed at defending the crypto industry from unfair banking practices. On August 7, Trump signed a crucial order to stop banks from discriminating against crypto companies and their supporters, tackling what many call “debanking.”
What Is Debanking and Why It Matters
Debanking refers to the practice where banks refuse service to certain customers, often due to political, religious, or industry-related biases. For crypto entrepreneurs and enthusiasts, this has been a persistent challenge. Trump’s new order specifically targets these discriminatory tactics, including the controversial Operation Choke Point 2.0 — an alleged scheme during the Biden administration encouraging banks to cut ties with digital asset firms.
This move is significant as it promises to secure equal banking rights for the crypto sector, which has often been marginalized despite growing regulatory clarity. Notably, Federal Reserve Chair Jerome Powell has openly supported banks offering crypto services, with regulatory bodies like the FDIC and OCC giving the green light to such initiatives.
Crypto Leaders Speak Out
High-profile figures in the industry have openly shared their struggles with debanking. For example, Ripple CEO Brad Garlinghouse revealed in October 2024 that Citigroup requested he move his account elsewhere solely because of his crypto ties. Similarly, Eric Trump, an executive at World Liberty Financial, claimed he was debanked for his political views but found crypto as an alternative.
Other industry veterans including Coinbase CEO Brian Armstrong, the Winklevoss twins, and Kraken co-founder Jesse Powell have reported comparable experiences of marginalization.
Opening Retirement Funds to Crypto
In another groundbreaking step, Trump signed an order allowing 401(k) retirement funds access to Bitcoin and other alternative investments such as real estate. This move opens the door to potentially trillions of dollars flowing into the crypto market, signaling a stronger mainstream acceptance.
Since January, Trump’s administration has actively pushed America toward becoming the global crypto capital. Earlier in March, he signed an executive order to establish a national strategic crypto reserve, underscoring his commitment to innovation in digital assets.
