The Never-Ending Saga of Crypto Debanking: It’s 2025 and We’re Still Here!

In the somber tapestry of our times, the cryptocurrency realm, like an unfortunate protagonist in a Dostoevskian drama, continues to wrestle with the merciless grip of debanking in the United States. Despite a recent flurry of legislative frivolities that arose like a fleeting sunbeam through clouded skies, our industry experts lament like weary philosophers, for the specter of financial estrangement still looms.

The tragic collapse of our once beloved crypto-friendly banks in the early months of 2023 ignited a firestorm of accusations—allegations resonating with the fortified echoes of what some have dubbed Operation Chokepoint 2.0. Ah, and who could overlook the strident critiques from distinguished venture capitalist Nic Carter, who likened this governmental endeavor to a nefarious campaign, compelling financial institutions to sever their umbilical cords to cryptocurrency ventures.

Despite the glimmers of hope offered by a series of crypto-affirming proclamations from none other than our illustrious (and not always coherent) President Donald Trump, including an audacious mandate on March 7 to transform seized Bitcoin into a national reserve, the specter of banking misery persists, mocking our naive optimism.

“It’s far too hasty to declare the death of debanking,” proclaimed Caitlin Long, the ever-persistent founder and CEO of Custodia Bank, during her heartfelt soliloquy on CryptoMoon’s Chainreaction—an event as regular as those existential crises we face. She bewailed:

“There are two crypto-friendly banks under examination by the Fed right now, and an army of examiners was dispatched from Washington, a veritable horde smothering these financial institutions.”

Long continued to unravel the tale, lamenting the omnipresent Fed as an outlier, still tethered to the democratic ethos, saying:

“With Trump barred from anointing a new Fed governor until January, one can trace the breadcrumbs toward an impending showdown. If the OCC and FDIC choose to rescind their anti-crypto diatribes while the Fed remains obstinate, we might find ourselves entrapped in an existential bind.”

Oh, the tragedy of Custodia Bank! Targeted mercilessly by forces unseen, Long expressed the toll it has exacted—months of labor, coupled with a financial hemorrhage amounting to several million dollars. A veritable Kafkaesque nightmare!

As discontent festered among the denizens of the crypto landscape, the crescendo reached its peak when a daring lawsuit orchestrated by Coinbase unveiled the disgraceful correspondence revealing US banking regulators instructing certain entities to “pause” their crypto banking endeavors, as if caught in some absurdist play.

Crypto Debanking: The Humorous Tragedy of Europe—A Final Act?

Meanwhile, across the Atlantic, our European counterparts find themselves embroiled in a similar farce. Anastasija Plotnikova, the co-founder and CEO of blockchain regulatory firm Fideum, quipped,

“Living in the year 2025, and yet, debanking remains a principal concern for both fledgling and established crypto enterprises.”

Indeed, her own accounts have been shuttered time and again, year after year. Can one truly find humor in this continued descent? Is it a cosmic jest or simply our undeserved fate?

In light of President Trump’s proclamations during the White House Crypto Summit, promising to abolish the drawn-out persecution a.k.a. Operation Chokepoint 2.0, one can’t help but feel that hope dangles before us like a carrot before a weary donkey.

With rumors swirling, it is estimated that at least 30 tech and crypto founders faced the ominous fate of being “secretly debanked” during the infamous operation—an absurdist plot twist done in the name of progress.

2025-03-22 13:01

Crypto Debanking: The Humorous Tragedy of Europe—A Final Act?

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