A new report reveals systemic discrimination in the sector, with hopes for a shift under the new Trump administration.
A recent study by the Alternative Investment Management Association (AIMA) revealed that three-quarters of hedge funds focused on digital assets are facing significant challenges in accessing traditional banking services.
The study, cited by the Wall Street Journal, highlights that around 120 out of 160 crypto funds surveyed experienced banking obstacles over the past three years, ranging from ambiguous communications to sudden account closures, often without clear justification. When explanations were provided, they typically centered on banks’ reluctance to associate with the cryptocurrency market.
Matt Hougan, Chief Investment Officer at Bitwise, commented:
Paul Grewal, Chief Legal Officer at Coinbase, questioned the disparity in treatment, emphasizing that this pattern suggests a potential systematic exclusion of crypto entities from the traditional banking system.
The situation, which many in the industry refer to as “Operation Chokepoint 2.0,” could, however, see a shift with the incoming Trump administration, which has shown greater openness toward the crypto sector. David Sacks, newly appointed Czar for AI and Crypto, has already highlighted the need to investigate these restrictive banking practices, acknowledging the harm they have caused to businesses in the space.
