During remarks at the World Economic Forum Thursday, President Donald Trump warned that debanking – whether done for political reasons or imposed by the former administration through regulation – must come to an end.
🚨 President Trump just took a wrecking ball to @BankofAmerica CEO Brian Moynihan at the World Economic Forum in Davos, telling him *to his face* to stop debanking conservatives: pic.twitter.com/CG87LLUCLw
— Will Hild (@WillHild) January 23, 2025
Now, House Banking Committee Chairman James Comer has launched an investigation into the practice, specifically focusing on the debanking of new crypto currency companies.
“Several tech leaders within the cryptocurrency space have been outspoken about their experience being debanked. In 2022, Uniswap Labs Founder and CEO Hayden Adams explained that his bank ‘closed my bank accounts with no notice or explanation,’ and that ‘I know many individuals and companies who have been similarly targeted simply for working in the crypto industry,’” Comer wrote in a letter to a number of tech entrepreneurs Friday.
“Coinbase Co-Founder and CEO Brian Armstrong confirmed thirty tech founders were debanked, stating then-Securities and Exchange Commission (SEC) Chair Gary Gensler, ‘tried to unlawfully kill our entire industry[.]’ Coinbase’s Chief Legal Officer, Paul Grewal, said, ‘[f]inancial regulators have used multiple tools at their disposal to try to cripple the digital-asset industry.’” […]
— Read More: townhall.com
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