A Surprising Shift from a Longtime Crypto Skeptic
Senator Elizabeth Warren (D-MA), known for her critical stance on cryptocurrencies, has unexpectedly announced her willingness to work with President Donald Trump and Senate Republicans to end the practice of debanking crypto firms.
This statement came during a Senate hearing focused on allegations that major banks systematically deny services to key figures in the cryptocurrency industry. Warren’s shift in tone regarding financial access for crypto businesses has sparked strong reactions.
Warren Calls Debanking a Serious Issue
🔹 "Debanking is a real problem," Warren stated during the Senate Banking Committee hearing.
🔹 "This shouldn’t be happening. We need to find out why and who is responsible."
This stance has surprised many in the digital asset industry, who have long viewed Warren as one of the main political opponents of cryptocurrencies.
Accusations of "Operation Chokepoint 2.0"
🔹 Some crypto industry leaders, including Coinbase CEO Brian Armstrong, have accused Warren of being involved in the alleged "Operation Chokepoint 2.0."
🔹 This initiative, supposedly orchestrated by the Biden administration, allegedly pressured banks into cutting off crypto-related clients.
Despite these accusations, Warren positioned herself in favor of the crypto industry during Wednesday’s hearing, arguing that crypto businesses should not be excluded from the banking system.
Warren: Crypto Firms Should Not Be Shut Out of the Banking System
🔹 Warren directly addressed Nathan McCauley, CEO of Anchorage Digital, a crypto infrastructure provider, stating:
"I don’t think you should be locked out of our banking system for even a second."
🔹 At the same time, Warren promoted the Consumer Financial Protection Bureau (CFPB), which she helped establish in 2011. The agency was tasked with protecting consumers from debanking practices but was dismantled by Trump earlier this week.
📌 "If the president is serious about stopping debanking, then he needs a strong CFPB as his partner to get it done," Warren asserted.
Warren Expands the Scope of the Debanking Issue
During the hearing, Warren sought to broaden the definition of debanking, emphasizing that it also affects:
🔹 Nonprofit organizations
🔹 The cannabis industry
🔹 Formerly incarcerated individuals
🔹 Muslim Americans
Crypto Executives Caught Off Guard by Warren’s Support
📌 Warren asked whether business leaders would support stricter regulations to prevent banks from denying services to customers.
📌 This surprised many, given that Warren has historically championed strict crypto regulations.
At one point, when Nathan McCauley was asked to name specific banks that denied Anchorage Digital services, he declined.
🔹 "Senator, I don’t believe it’s productive to name individual banks," he responded.
🔹 "I believe the banks themselves are the victims here."
Conclusion: Warren’s New Stance on Debanking
📌 Elizabeth Warren, long considered a crypto adversary, is now unexpectedly advocating for ending debanking in the crypto industry.
📌 However, her motivations may be politically driven, particularly in defending the CFPB.
📌 The crypto community remains skeptical whether this shift is genuine or just strategic positioning.
Will Warren truly work with Trump to change the approach to debanking, or is this just a political maneuver? 🔥
#ElizabethWarren ,
#DonaldTrump ,
#CryptoNewss ,
#cryptocurrencies Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“