Trump Blames Biden for Banks Blocking Crypto: ‘There Is a Lot of Debanking’

President Donald Trump said on Friday that Debanking of Crypto companies is a “very bad and very dangerous” practice that was probably caused by the Biden administration, but still remains a problem in the United States.

“There is a lot of debt,” Trump said tonight in the Oval Office, in response to a question from Decrypt. “Those people are very bad and very dangerous, and they shouldn’t do it.”

Debanking refers to the alleged practice of banks that refuse customer services based on their connection with industries such as crypto, or their political beliefs. Crypto -industrial leaders have long argued that they were refused standard bank services during the BIDEN -years. Conservative public figures, including the president and his family, have made similar claims.

“I can tell you because I have been a victim myself because of my politics that large banks were very filthy,” Trump said on Friday about his experience during the term of office of former President Joe Biden. “And I actually think it was the people of Biden who told him to be – because one group of people for which the banks are, are the supervisors.”

President Trump assumed that he does not blame Big Banks himself for participating in such practices, but rather on the federal agencies that supervise industry.

“I have seen the biggest banker, I can tell you – you see him on television all the time. When a regulator walked into the room, he gets completely nervous and crazy,” Trump said. “The supervisors check the banks. It is not the president of the bank. The bank president is much less important for a bank than a regulator, and a regulator can do that bank bankrupt.”

Decrypt On Friday, Trump asked on Friday if he is planning to sign an executive order that focuses on Debanking. Such an order may instruct federal banking regulations, including the Federal Reserve, explicitly not to refuse services to certain groups or individuals. The Trump administration was planning to sign such an executive order in March, Decrypt previously reported. But those plans were shortly thereafter, at least temporarily, said several sources that were familiar with the case.

The proposal can now be in action again. From this week, the White House officials are considering considering publishing a Debanking-oriented Executive Order, according to a report in the Wall Street Journal.

On Friday, when he was asked for such plans, the president did not confirm their existence. But he said that Debanking’s problem in the United States persists, even since his return to power.

Since the inauguration of Trump, federal bank agencies have released documents that seem to confirm the existence of earlier guidelines of the same supervisors who discourage members’ banks from offering crypto services.

Direct evidence has not yet been published, which shows that such agencies instruct membership banks to refuse standard services to people who have worked in the crypto industry.

Published by Andrew Hayward