Trump Admin’s Crypto Push Revives Industry Hopes For Banking Access
The cryptocurrency sector is pushing for a reset with the banking industry following years of strained relations and regulatory crackdowns.
What Happened: The collapse of key industry players like FTX in 2022 and subsequent bank account closures left many crypto companies and founders struggling to secure financial partnerships.
However, the recent election of Donald Trump has renewed optimism, with his administration signaling a potentially friendlier stance toward crypto.
Despite surging cryptocurrency prices and Trump’s promise to establish a national Bitcoin reserve and a regulatory council, U.S. banks remain hesitant to engage with the crypto sector.
Industry insiders report continued account closures and difficulties establishing banking relationships, according to The Wall Street Journal.
Nic Carter, a founding partner at Castle Island Ventures, shared that every U.S.-based firm in his portfolio has faced banking challenges.
“Banking crypto is still a poisoned chalice today,” Carter said.
“They do not want the Eye of Sauron descending upon them,” he added, referencing the omnipresent antagonist from The Lord of the Rings.
Castle Island itself faced hurdles …
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