A Firm Response to the ‘Debanking’ Controversy

In recent years, many crypto entrepreneurs have found themselves locked out of their bank accounts or denied basic financial services without clear justification. Critics have labeled this pattern of denial “Operation Chokepoint 2.0,” arguing that some banks are intentionally distancing themselves from politically sensitive industries.

With its proposed executive order, the Trump administration aims to put an end to these practices and ensure that crypto businesses can access the banking system without discrimination.

Big Banks on the Defensive

Major institutions like JPMorgan Chase, Citigroup, and Wells Fargo have reportedly met with state officials in Texas and Oklahoma to defend themselves against allegations of refusing services to sectors such as fossil fuel production and firearms manufacturing. Similar concerns have also been raised regarding digital asset firms, suggesting that the issue may be part of a broader trend of politically motivated financial exclusion.

The 2023 Crypto Banking Crisis

The collapse of several crypto-friendly banks — Silicon Valley Bank, Silvergate Bank, and Signature Bank — in early 2023 sent shockwaves through the digital asset ecosystem. Many in the industry viewed these events as coordinated moves to isolate crypto from the traditional financial system.

Debanking Could Persist Until 2026

Despite Trump’s more favorable stance on crypto, industry experts caution that banking challenges may continue. Custodia Bank CEO Caitlin Long noted that substantial change may not be possible until 2026, citing limitations on appointing new Federal Reserve leadership.

“Trump won’t be able to name a new Fed governor until January,” Long explained. “So while other agencies may reverse their anti-crypto policies, the Federal Reserve may remain a roadblock.”

She added that her own bank suffered major financial setbacks and delays due to banking restrictions that cost “millions of dollars” in damages.

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Lutnick actively supports the establishment of Bitcoin businesses in the U.S. and reiterates the Trump administration’s efforts to make America an attractive hub for crypto companies. In contrast, he criticizes the Biden administration’s less supportive approach.  

The U.S. Department of Commerce and New Opportunities  

On March 31, 2025, The U.S. Department of Commerce launched an investment accelerator for Bitcoin and tech-focused companies. This program helps firms navigate regulatory processes, expedites necessary permits, and encourages investment in new projects. Lutnick emphasizes that this initiative is a turning point for Bitcoin mining companies, which have long faced challenges with infrastructure and regulatory clarity. The accelerator is thus poised to drive industry growth by providing momentum.  

Energy Independence for Cost Advantages  Lutnick’s vision offers an innovative solution to the energy challenges faced by Bitcoin miners. By building their own power plants near operations, miners can create an independent structure. For instance, waste gas from nearby gas fields serves as an environmentally friendly and low-cost energy source. This reduces reliance on traditional energy grids and keeps operational costs in check. The strategy boosts profitability while offering a sustainable model.  

Lutnick made a clear distinction regarding Bitcoin’s role in the economy, stating that it should be viewed as a commodity, like gold or oil, rather than a currency.  

Howard Lutnick says “think of bitcoin as a commodity not a currency”

This goes against the foundational reason Bitcoin was created. But I’m not stressed.

Let the system do what they do, I’m focused on my reality and where I put my money/energy. pic.twitter.com/NYZZ21XBi1

— Mr.McCormick (@_ColeMcCormick) April 24, 2025

As the crypto sector faces regulatory fluctuations, the new opportunities offered by the U.S. are drawing attention. Bitcoin miners are gearing up for growth with energy independence and investment incentives, while Lutnick’s insights continue to shape the industry. By getting rid of traditional energy sources, Bitcoin miners will gain more flexibility in cost control.

   READ: Bitcoin Supply Exceeds 85% in Profit: Is the Rise Beginning?  

Will The U.S. Department of Commerce Impact the Sector?

This investment accelerator enables Bitcoin mining companies to overcome regulatory hurdles and grow rapidly in the U.S. The program reduces costs for energy-intensive mining operations and accelerates infrastructure development. Backed by the Trump administration’s crypto-friendly policies, this move positions the U.S. as a global Bitcoin mining hub. However, environmental sustainability and high energy consumption debates remain key factors that could influence the sector’s growth.  

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The Event Was Called “Historic,” But Fell Short of Expectations

Some investors described the summit as a historic milestone for Bitcoin and the cryptocurrency industry, while others found it disappointing. Popular crypto trader Miles Deutscher called the event a “massive net positive” for Bitcoin. Kyle Samani, managing partner at Multicoin Capital and an attendee at the summit, described it as a “historic moment” for the industry.

However, Coin Bureau founder and CEO Nic Puckrin commented after the summit:

“Just looking at the charts, I can assume that nothing groundbreaking came from the White House summit?”

Bitcoin maximalist Justin Bechler harshly criticized the event, writing:

“The White House ‘crypto summit’ is a gathering of rent-seeking lobbyists pushing state-approved surveillance tokens.”

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Trump Administration Marks a Shift in Crypto Policy!

The Trump administration’s White House Crypto Summit signaled a sharp departure from previous administrations’ stance on the crypto industry. The event followed President Donald Trump’s executive order to establish a Bitcoin strategic reserve.

Following the White House Crypto Summit and the executive order on the Bitcoin strategic reserve, Bitcoin’s price dropped approximately 7.3%. Traders interpreted the move as a typical “sell-the-news” event. President Trump’s executive order authorized the U.S. government to acquire additional BTC only through asset forfeiture and budget-neutral strategies that do not create additional debt or taxpayer burden. This condition disappointed some Bitcoin maximalists, who had hoped for direct BTC purchases by the U.S. government.

ETF Outflows and Price Projections

After the summit, Bitcoin ETFs saw $370 million in outflows, with traders describing the executive order as underwhelming. Many analysts now predict Bitcoin could drop to $70,000 in March before attempting a rally toward $100,000. The recent executive order and subsequent market reaction sparked debates on whether Bitcoin has already peaked in this cycle or if new all-time highs await in 2025.

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Sacks Rejects 0.01% Transaction Tax on Crypto!

In a recent episode of the All-In Podcast, host Jason Calacanis suggested a 0.01% tax on every crypto transaction. The tax would apply whether a user is buying, selling, or transferring cryptocurrency. Sacks responded:

“That’s always how taxes start. They are described as being very modest. You know, when the income tax started, it only applied to like a thousand Americans, and the legislators swore up and down that it would never be applied to middle-class people.”

He continued:

“I don’t particularly like the idea of new taxes, even if it is promised that they won’t affect people very much. That sounds burdensome to me.”

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Many crypto investors criticized the idea, warning it would create unnecessary costs even for transfers between wallets owned by the same person.

The recent White House Crypto Summit did not present any official tax policies. However, the Trump administration has signaled support for major tax reform in the United States.

Trump Proposes Eliminating Income Tax and IRS!

President Donald Trump has proposed eliminating the federal income tax and replacing it with tariffs on imported goods. Commerce Secretary Howard Lutnick added that the IRS would be replaced by an “External Revenue Service.”

According to Dancing Numbers, the plan could save each American taxpayer at least $134,809, and possibly up to $325,561 if state income taxes are repealed as well.

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According to Farside Investors data, the largest outflows came from Grayscale’s GBTC fund, which saw a drop of $208.6 million. ARK Invest’s ARKB fund also saw a decline of $108.4 million.

These outflows coincided with Bitcoin’s (BTC) price falling to $96,409 and more than $1 billion in market-wide liquidations during the same period.

According to Sosovalue data, the total net asset value of Bitcoin ETFs decreased to $109.7 billion as of December 19, a significant drop from $121.7 billion on December 17.

Market Impact

The Bitcoin ETF outflows coincided with the drop in BTC price, leading to a total net outflow of $732.4 million from crypto ETFs. Bitcoin’s market dominance remained at 57.4%.

An analyst mentioned that the ongoing market decline may be short-lived, stating that the market was “completely unprepared for bad news,” which led to the sharp downturn.

In the U.S., President-elect Donald Trump’s administration is expected to be pro-crypto. His promises of innovation have already pushed BTC price above $107,000, restoring optimism in the market.

However, U.S. investors faced some uncertainty after Fed Chairman Jerome Powell announced plans for only two rate cuts in 2025. This announcement caused the S&P 500 to drop, which has since affected the crypto market.

“Buy the Dip” Sentiment Peaks

Crypto analysis firm Santiment reported on December 19 that the ratio of social media discussions around “buying the dip” had reached its highest level in over eight months.

The social dominance score related to “buying the dip” hit 0.061, a level last seen on April 12, when BTC price dropped below $70,000.

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In an interview with Bloomberg, Wood mentioned that Trump’s administration’s deregulation policies could ease previous regulations that hindered private company buyouts, creating new opportunities for startups.

Wood forecasts that M&A activity will increase rapidly under Trump’s presidency, predicting these changes will create opportunities for venture-backed startups and allow the market to engage more transparently in price discovery for new companies.

Bitcoin Price Prediction of $1 Million

Wood also shared a highly optimistic prediction for Bitcoin (BTC). She expects the cryptocurrency to exceed $1 million by 2030, attributing this bullish outlook to BTC’s fixed supply and greater scarcity compared to gold.

Wood highlighted the differences between Bitcoin and gold, stating that when gold prices rise, its production increases, but this does not happen with Bitcoin, which makes BTC even more scarce.

Trump Administration and Crypto Market

Wood believes the Trump administration will be crypto-friendly and will have a significant impact on the future of cryptocurrencies, especially Bitcoin. Federal Reserve Chair Jerome Powell has described Bitcoin as digital gold, which aligns with Wood’s optimistic outlook.

Wood also anticipates that the appointment of Paul Atkins as SEC Chair will further accelerate the growth of the crypto market in the U.S.

Fed Rate Decisions and Market Impact

Federal Reserve member Mary Daly stated that next year’s rate cuts would be lower than expected, and a more cautious approach would be adopted before any further cuts are made.

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In a November 17th post on X, Alden wrote:

“I’ve been kind of a polite long-term Ethereum bear, but the post-election new low in ETH/BTC is even more brutal than I expected.”

Alden noted that while Trump’s administration is expected to be “open to crypto securities,” she was still taken aback by Ether’s underperformance. On November 15, the ETH/BTC ratio hit a multi-year low of 0.033, its lowest level since March 2021, despite the positive outlook following Trump’s win.

After Trump’s victory, U.S. spot Ethereum ETFs saw an influx of $751.8 million. However, some analysts are concerned that Ethereum might be “dying a slow death” against Bitcoin. On the other hand, Consensys CEO Joe Lubin remains optimistic, stating that Ethereum is poised for long-term gains post-election.

Lubin emphasized that Ethereum is finally shaking off the regulatory pressures that have been placed on it for years. He added:

“Ethereum is much bigger and more mature than all other ecosystems, except Bitcoin.”

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Lubin also speculated that Trump’s policies could help push DeFi (Decentralized Finance) into the mainstream, moving it from a niche market to a much broader audience.

Trump Administration’s Crypto Policy Potential

Experts believe that Trump’s administration could bring policies that favor DeFi, giving Ethereum an opportunity to regain strength. Marcin Kaźmierczak suggested that Trump’s policies might help transition DeFi from a niche sector into the mainstream.

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Elon Musk, who had previously supported Trump’s re-election campaign, further solidified his backing by naming the department DOGE, after the popular cryptocurrency. As a supporter of Dogecoin, Musk chose this name because it aligns with the symbol of the coin. Following this move, the price of Dogecoin surged by 136%, reaching $0.406.

Following Trump’s announcement, Vivek Ramaswamy stated on the X platform, “We will not go gently in the transformation of the government.” Elon Musk also posted, “Not a threat to democracy, a threat to bureaucracy!”

Democratic Senator Elizabeth Warren criticized these appointments, finding it inefficient to have two people leading the department. She sarcastically remarked, “The Department of Government Efficiency entrusted to two people? This seems efficient!” Warren had recently won her Senate seat against John Deaton.

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Trump’s promises to eliminate bureaucratic obstacles and streamline government structures are drawing increased attention with these developments. Interest in Dogecoin and other cryptocurrencies continues to rise, and further market movements are expected.

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