U.S. banks continue to close cryptocurrency companies despite Trump's supportive position, continuing the 'choke point' process.
The cancellation of banking services disrupts cryptocurrency companies, limiting access to essential financial services.
The planned executive order by Trump aims to stop the cancellation of banking services.
Cryptocurrency companies are still being expelled by banks, even with President Trump's supportive stance.
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Alex Konanykhin, CEO of Unicoins, stated that U.S. banks continue to close accounts of cryptocurrency companies without clarifying the reason, describing it as a 'choke point'. This issue has persisted for years, with many in the field believing it is a deliberate move to hinder cryptocurrencies.
Despite hopes that Trump's election would stop this situation, banks such as Citibank, Chase, and Wells Fargo closed Unicoins accounts, indicating the problem persists.
Banning banking accounts slows the growth of cryptocurrencies
Konanykhin stated that Unicoins lost accounts in four banks this year alone, describing it as a national effort. This causes 'significant disruption' to cryptocurrency companies. Without essential banking services, these companies struggle to operate, leading to what he calls a choke point for the American cryptocurrency industry.
Alex Rampell of Andreessen Horowitz warned of 'Choke Point 3.0', where banks impose high fees or block transfers to platforms like Coinbase.