"Warren's Surprise: Pledges to Work with Trump to End Crypto Debanking"

Elizabeth Warren Pledges to Work With Trump to End Debanking of Crypto Firms

Senator Elizabeth Warren, a prominent critic of the crypto industry, surprised many by pledging to work with President Trump and Senate Republicans to end the practice of debanking crypto firms. This marked a significant shift in her stance on crypto, as she has been known for her skepticism towards the industry.

During a Senate hearing focused on allegations of major banks routinely denying services to crypto industry leaders, Warren stated, "Debanking is a real problem. This shouldn’t be happening, and we need to figure out why, and who is responsible."

Warren's assertive stance may have come as a surprise to some in the crypto industry, who have long regarded her as an existential enemy. Some crypto leaders, including Coinbase CEO Brian Armstrong, have explicitly blamed Warren for instigating "Operation Choke Point 2.0," an alleged Biden-era initiative to secretly pressure banks to not serve crypto-related clients.

However, during the Senate Banking hearing, Warren told a panel of crypto industry witnesses handpicked by Republicans—who all claimed to have been debanked for years—that she was on their side. She stated, "I don’t think for a second you should be locked out of our banking system," to Nathan McCauley, CEO of Anchorage Digital, a crypto infrastructure provider.

Warren may have her own motives for staking out such a position. At multiple points in the hearing, she touted the Consumer Financial Protection Bureau (CFPB), a federal watchdog she helped establish in 2011, as the only government agency explicitly tasked with protecting consumers against debanking practices. After years of Republican attacks, the CFPB was wound down by Trump earlier this week. Warren stated, "If the president is serious about stopping debanking, then he needs a strong CFPB as his partner to get this done."

Warren also attempted to broaden the concept of groups being targeted by debanking—to nonprofits, the cannabis industry, ex-felons, and Muslim Americans. Crypto leaders appeared somewhat caught off-guard by Warren's questions, which enthusiastically took their side. For example, she asked whether the entrepreneurs would support stronger regulations to prevent banks from refusing customers.

At one point though, when asked by Warren to outright name the banks that denied