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Is it happening during the Trump era? Yes, it’s happening right in the Trump era. We have been accustomed to seeing such moves from Biden’s team, but the latest news reveals that a cryptocurrency bank valued at over $3 billion is under investigation.
Why Are Cryptocurrencies Falling?
With the announcement, BTC saw a decline. The news of Anchorage being investigated by the Department of Homeland Security led to the price dropping below $84,500. Established in 2002, the Department of Homeland Security is responsible for taking measures against all threats facing the country.
Anchorage Digital operates as the first and only federally licensed cryptocurrency bank in the U.S., and it remains unclear what potential threat triggered this investigation. In 2022, the Office of the Comptroller of the Currency (OCC) issued a warning stating that the bank had not adequately complied with the Bank Secrecy Act and anti-money laundering (BSA/AML) requirements.
With Trump’s presidency, we have seen Anchorage Digital’s CEO Nathan McCauley testify before the Senate Banking Committee about the experience of being excluded from banking services, known as “debanking.” While the expectation was that pressure on cryptocurrency companies would ease in the new era, the recent investigation news is puzzling.
