According to Odaily, Donald Verrilli, the former Deputy Attorney General during the Obama administration, has indicated that US regulatory bodies are specifically aiming to 'debank' the cryptocurrency industry. Despite the urgent need for banking services within the digital asset industry, federal regulators have initiated a coordinated effort to debank the sector.
This information was shared by Eleanor Terrett, a reporter for Fox Business. The move towards debanking implies a strategic shift in the approach of regulatory bodies towards the cryptocurrency industry. The implications of this move on the future of digital assets and their integration into the mainstream financial system remain to be seen.