Crypto Sector Faces Continued Banking Struggles Despite Policy Shifts in 2025

The cryptocurrency industry in the U.S. remains under pressure from banking restrictions, even amid favorable legislative changes. Cointelegraph reports that fallout from the collapse of crypto-friendly banks in early 2023 fueled allegations of a coordinated effort—Operation Chokepoint 2.0—to discourage banks from servicing crypto firms. Prominent voices like venture capitalist Nic Carter have criticized these tactics.

While U.S. President Donald Trump’s pro-crypto moves, including a March 7 order to use seized Bitcoin for a national reserve, offer some relief, industry leaders warn that banking access challenges persist. Caitlin Long, CEO of Custodia Bank, stressed during Cointelegraph’s Chainreaction show on March 21 that debanking issues are far from resolved. Two remaining crypto-friendly banks are under heavy scrutiny by the Federal Reserve, involving numerous examiners.

Long noted that the Federal Reserve, still under Democratic leadership, won’t see a new governor until January, potentially causing conflict with the OCC and FDIC if they shift toward pro-crypto policies while the Fed resists. Custodia Bank itself has suffered major financial and operational setbacks due to debanking.

Debanking isn’t just a U.S. issue. In Europe, Fideum CEO Anastasija Plotnikova revealed ongoing bank account closures affecting crypto firms and users, despite relative stability in 2024. Her experience highlights persistent global barriers to banking access.

Following Trump's termination of Operation Chokepoint 2.0 at the White House Crypto Summit, industry leaders welcomed the move, but the debanking of at least 30 crypto founders underscores the ongoing battle for banking rights in the sector.