John Berlau, a senior fellow at the Competitive Enterprise Institute, says the “supposed purpose” of this crackdown is to “prevent banks from doing business with firms that have a ‘reputational risk’. The government tries to intimidate banks into keeping the reason for debanking a secret”.

The Federal Reserve and the FDIC previously insisted there was no blanket ban on cryptocurrency companies in banking. “Banking organizations are neither prohibited nor discouraged from providing banking services to customers of any specific class or type, as permitted by law or regulation,” they said in 2023.

Read more at Yahoo News