“Banks never tell you why they’re debanking you,” Carter adds. “They may communicate verbally that there are reputational risks, but the conversation is so obscure.”
“The entire market is relieved … we have a seismic shift in the approach and tone of the government and regulatory agencies,” Frank Chaparro, an early Bitcoin investor and director of special projects at crypto news site The Block, said. “What this means practically is, banks will be able to touch crypto — for the last four years they’ve been told they can’t.”
And there are already some early signs of that happening, sources add.
Chaparro, for one, thinks Trump has already set a new tone for the industry: “It’s a radical shift — America is so back in business for crypto founders.”
While they acknowledge there is risk involved, these people want to see rules that at least make it possible for crypto companies to operate and grow in the US.
On Friday, Sacks will host the first-ever Crypto Ball in Washington, DC, kicking off a weekend of celebrations ahead of Trump’s inauguration on January 20. The black-tie event, with tickets ranging from $2,500 (and already sold out) to $1 million — which includes a private dinner with the president-elect — includes such sponsors as Coinbase, Solana, MicroStrategy, Kraken, Galaxy Digital and more.
Simply ending debanking — or refusing to work with clients because of their crypto connection — could be enough to help the industry flourish, sources say.
Anthony Pompliano, Founder & CEO of Professional Capital Management, explains that, in the coming months, he is optimistic the Trump Administration will get into the minutiae of regulations and change accounting rules to make it easier to transact in Bitcoin.
After years of regulatory “harassment” under the Biden administration — as one notable investor described it to NYNext — the cryptocurrency community is celebrating Donald Trump’s inauguration as the end to a four-year “terror,” and heralding significant policy reversal aimed at legitimizing the industry.
In recent weeks, Trump has met with the founders of these coins and, sources said, is receptive to the idea.
Dennis Dinkelmeyer, the founder and CEO of European-based cryptocurrency investment firm Midas, told NYNext that he is considering launching in the US this year.
“All those banks who worked with cryptocurrencies faced regulatory harassment,” Nic Carter, a crypto investor at Castle Island Ventures who raised alarm bells about Biden’s debanking efforts told NYNext.
“It’s a privatized sanctions regime,” Andreesen said.
