White House AI and Crypto Czar David Sacks publicly criticized leading U.S. banks and index-fund giants for continuing to block clients from buying newly approved Bitcoin and Ether exchange-traded funds. In a social-media post on Friday, Sacks asked why the institutions still prohibit or restrict the products on their wealth-management platforms, calling the practice the “last vestige of debanking.” Sacks’s remarks targeted firms such as Vanguard, the nation’s largest provider of index funds, which has described crypto products as unsuitable for its customers. Industry critics say the policy limits access to about $31 trillion in advised assets even after the Trump administration cleared spot-crypto ETFs and allowed limited Bitcoin exposure in certain 401(k) plans. The comments add government pressure on banks and brokers to open their platforms to the funds, which began trading earlier this year after winning Securities and Exchange Commission approval.
NEW: 🇺🇸 David Sacks, White House A.I. & Crypto Czar, calls out top banks for restricting #Bitcoin ETFs, labeling it the last vestige of "debanking." https://t.co/HRTkXxc9NQ
JUST IN: President Trump's Crypto Czar on $31 trillion in US wealth still being prohibited from accessing Bitcoin ETFs: "Why are top banks still prohibiting or restricting access to Bitcoin ETFs on their wealth management platforms? Is this the last vestige of 'debanking'?" 👀 https://t.co/TYHEbEp2PK
JUST IN: President Trump's Crypto Czar David Sacks asks "Why are top banks still prohibiting or restricting access to Bitcoin ETFs on their wealth management platforms?" 🤔 "Is this the last vestige of 'debanking'?" 👀 https://t.co/x8AZfmUdPt