📌 Once a strong critic of crypto, Senator Elizabeth Warren now wants to collaborate with Trump to protect cryptocurrency companies from being denied service by banks.
🏦 "Debanking" – A Real Issue?
In a hearing in the U.S. Senate on Wednesday, #ElizabethWarren , one of the longest-standing crypto opponents, surprised many by speaking out against banks denying services to cryptocurrency companies – also known as "debanking."
🔹 "Debanking is a real issue. This shouldn't happen, and we need to understand why and who is responsible." – Warren stated before the Senate Banking Committee.
This is a significant shift from her previous stance, as Warren was once accused by crypto leaders, including Coinbase CEO Brian Armstrong, of being behind "Operation Chokepoint 2.0" – a covert plan to pressure banks not to serve customers related to crypto.
🔄 Unexpected Cooperation with Trump?
Warren stated that she is willing to cooperate with the Trump administration and Republican senators to stop this situation.
💬 "I don't think crypto companies should be excluded from our banking system." – Warren told Nathan McCauley, CEO of Anchorage Digital, a crypto infrastructure company.
However, this move may also stem from Warren's political interests. She has repeatedly emphasized that the Consumer Financial Protection Bureau (CFPB) – the federal agency she helped establish in 2011 – is the only organization tasked with protecting consumers from being "#debanking ".
Notably, Trump closed the CFPB earlier this week, and Warren seems to be seizing this opportunity to push for the agency's restoration.
🗣 "If the president is really serious about stopping debanking, then he needs a strong CFPB as a partner." – Warren emphasized.
⚖️ Is Crypto Really Supported?
During the hearing, crypto leaders appeared surprised by Warren's unexpected support.
📌 She even asked whether entrepreneurs would support stricter regulations to prevent banks from denying customers.
❗ However, the CEO of Anchorage Digital was cautious when asked to name the banks that had refused to provide services to his company.
💬 "Senator, I don't think naming each bank would be helpful. I believe the banks themselves are also victims in this matter." – McCauley replied.
💭 Crypto – A Political Game?
Warren's move may reflect a change in approach to crypto as the $TRUMP administration seems to be leaning more towards supporting the industry.
💡 Could this be a new turning point for crypto to gain recognition from the traditional financial system? Or is it just a political move? 🚀