Targeting 'de-banking' would be good if Trump is 'open & honest' about reason, says Brookings' Klein (youtube.com)
If they look into it they'll see why people are debanking, all the fees and costs. KYC paperwork.
Current regime is on an autopilot to report more and more ‘suspicious activities.’ KYC was set for transactions over $10k in the 60s when you could buy 2 cadillacs for that price. With inflation, the number would be something like $50 or %60k. Banks have no choice but to play by this rulebook. So people are doing more private credit.
Trump had been more ‘defer to the status quo’ in the past, the guest said, but now he might be going the other way, which would be interesting. However, he suspected that the reason Trump was doing this wasn't really any new deep appreciation of the situation, but rather that now crypto had his ear and his attention.