The crypto industry continues to face challenges in accessing banking services, despite recent regulatory efforts in the United States and Australia aimed at resolving these issues. Legislative actions have attempted to mitigate barriers by repealing guidelines that classified crypto as a reputational risk for banks. However, industry observers like Caitlin Long believe that these changes won't eradicate debanking concerns, particularly due to a non-partisan Federal Reserve board with a skeptical view of crypto. Meanwhile, in Australia, the Labor Party has proposed new laws to address debanking problems, yet uncertainty still looms as traditional banks remain hesitant. The Canadian crypto sector shares similar struggles, facing arbitrary account closures without clear reasons. Criticism also exists, with claims that the crypto industry may be using the debanking narrative to evade scrutiny and advocate for more favorable regulations. In the face of these obstacles, many crypto firms are turning to stablecoins and smaller banks as stopgap measures while pushing for a more integrated relationship with traditional financial institutions.

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