Paul Manafort, a close ally of the U.S. President Donald Trump marked his presence at the Bitcoin MENA conference being hosted in Abu Dhabi. Manfort, at a fireside chat during the event, sent a strong message to the U.S. banks while reviewing the crypto-focussed developments that have unfolded in the U.S. these last months with Kraken’s chief of staff, Tracy Hoyos-Lopez.
The Trump administration is aware of the games that U.S. banks are playing to preserve their monopoly against the President’s crypto push, the former manager of President Trump’s presidential campaign said.
“The banks are still out there doing what they can to throw wrenches into the system. Banks may say yes on this side, but they’re working to still preserve their monopoly on the other side, we’re aware of the game. We see it happening,” Manafort said.
Highlighting President Trump’s business background, Manafort credited him with an economic understanding, contrasting it with the more political perspective of former presidents such as Joe Biden.
“President Trump understands how businesses are affected by the strong arm of the banking system. So to him, it made sense to bring the industry on shore, not just accept it, but to bring it on shore, institutionalize it, have all the pieces become part of our economic fabric. And what? Eleven months into it now it already has roots in the system, and it started to blossom,” Manafort highlighted.
This year, the White House has directed banks to explore their engagement with crypto assets and service providers. The U.S. government has also warned the banking industry of the consequences they could face if found retaining non-crypto discriminatory banking practices.
“What the banks can do is if they can’t win in Washington, you get you go to the state capitals, you go to New York, you go to California, and you make it complicated for the crypto and digital industries to survive at the local and we’re seeing it,” Manafort said, noting that banks cannot wage a war against crypto on a federal level under the Trump administration.
Stepping into 2026, the Trump ally said, the crypto industry will see more ease of business and operations in the U.S. – with banking support.
“If necessary, the President will use the power of the Department of Justice against the banks if they try to discriminate against private custody or morals they acquired from a different environment,” Manafort concluded.
Notably, his Manafort’s comments come at a time when JPMorgan is facing major criticism from the crypto industry for reportedly closing high-profile accounts linked to crypto leaders. JPMorgan’s CEO Jamie Dimon has defended the bank’s actions saying the bank has indeed halted services for individuals from different backgrounds — but he said the move is not intended to target a specific sector.