Despite President Donald Trump's pro-crypto stance following his election victory, major U.S. banks continue to deny services to cryptocurrency firms under policies labeled as Operation Chokepoint 2.0. Unicoin CEO Alex Konanykhin revealed to Cointelegraph that his company and subsidiaries faced unexplained account closures by Citibank, Chase, Wells Fargo, City National Bank of Florida, and TD Bank, with four banks cutting ties in 2025 alone. Konanykhin described this as a large-scale nationwide operation causing highly disruptive and damaging conditions for the crypto industry.
In response, President Trump signed an executive order on August 7 titled Guaranteeing Fair Banking for All Americans, prohibiting federal agencies from pressuring banks to cut off entire industries. The policy mandates banking decisions be based on individualized, objective, and risk-based analyses. While hailed by advocates like Senator Cynthia Lummis as ending Operation Chokepoint 2.0, experts warn of loopholes. Venture capitalist Nic Carter cautioned that banks might still deny services under business-driven risk management disguises, while Custodia Bank founder Caitlin Long noted oversight was delegated to the Small Business Administration—led by pro-crypto Kelly Loeffler—due to distrust of traditional regulators like the FDIC and Federal Reserve.
Elizabeth Blickley of Fox Rothschild LLP emphasized that meaningful reform hinges on precise regulatory wording, citing the Genius Act's 180-day stablecoin framework development timeline. She warned banks will remain risk-averse until rules clearly mitigate perceived threats, noting most bills never exit congressional committees and face litigation.