Bank of America CEO Responds to Debanking Claims, Calls for Rulebook Reform
Amid rising tensions over U.S. President Donald Trump’s claims of being “debanked” to the tune of $1 billion, Bank of America CEO Brian Moynihan has weighed in—supporting reforms to outdated banking regulations. The crypto industry has also raised alarms, warning that aggressive regulatory overreach is quietly undermining access to financial services.
Moynihan’s statement comes at a time when banks are under fire for allegedly cutting off accounts based on political or ideological grounds. While not commenting directly on Trump’s claims, the Bank of America chief emphasized the need to “update and clarify” regulatory frameworks to ensure fairness and transparency in the financial system.
The crypto world has been particularly vocal, arguing that unclear or overly broad regulations are limiting innovation and restricting people from accessing basic financial tools. Industry leaders are now pushing for bipartisan support to modernize banking laws that were never designed for today’s digital and decentralized economy.
As the debate intensifies, both traditional and crypto finance sectors appear to agree on one point: it’s time for the rulebook to evolve.