In an era where financial access is increasingly tied to political and social alignment, Mississippi State Treasurer David McRae is making a bold case for cryptocurrency as a tool of financial empowerment. With growing concerns over "debanking"—the practice of banks cutting off services based on a customer’s beliefs—McRae argues that decentralized digital assets offer a fair, secure, and inclusive alternative for everyday Americans.
👉 Discover how crypto is reshaping financial freedom for communities across America.
The Rise of Debanking and Its Real-World Impact
Debanking is no longer a theoretical concern—it’s happening. Financial institutions have begun withdrawing services from individuals and businesses whose values don’t align with corporate agendas. One of the earliest examples was the firearms industry. In 2018, Citibank imposed restrictions on firearm manufacturers and retailers, limiting their access to capital and operational flexibility. Bank of America followed similar policies, refusing loans to companies producing military-style weapons for civilian use.
Though Citibank reversed its policy in 2024 after seven years of industry pushback, the message was clear: financial gatekeepers can—and will—limit access based on ideology.
Even high-profile figures haven’t been immune. Former President Donald Trump has openly discussed how his family’s businesses were effectively blacklisted by major banks after entering politics. “We got into politics, and all of a sudden they wouldn’t take our call,” Trump said. His shift from crypto skeptic to supporter was born not from trend-chasing, but from firsthand experience with financial exclusion.
As McRae notes, “Debanking isn’t just about individuals—it can target entire sectors, ideologies, and even states.”
Why Mississippi Should Take Notice
Mississippi has long held positions on cultural issues—such as religious liberty and Second Amendment rights—that diverge from the mainstream views of Wall Street and coastal financial institutions. In 2016, several states, including New York and Washington, banned non-essential government travel to Mississippi following the passage of a religious freedom law.
“If financial institutions choose to debank states,” McRae warns, “I have to imagine those same power brokers would look to Mississippi first.”
While there’s no evidence that Mississippi’s state government has been debanked, the precedent is troubling. Community banks within the state continue to support local businesses and values, but reliance on large national institutions introduces risk. If major banks can cut off a former president or an entire industry, no entity is truly immune.
This reality has led McRae to reevaluate his stance on cryptocurrency—not as a speculative asset, but as a mechanism for financial sovereignty.
Cryptocurrency: A Decentralized Solution
“With crypto, there is no central bank and no Wall Street elites making decisions that harm Mississippi,” McRae writes. “It’s unbiased. It’s nondiscriminatory. It’s secure.”
Unlike traditional banking systems, cryptocurrency operates on decentralized networks. Transactions are verified by distributed consensus rather than controlled by a single institution. This means no bank can freeze an account or block a payment based on political opinion.
For Mississippians—especially small business owners, conservative organizations, or individuals in rural communities with limited banking access—crypto offers a way to transact freely and securely.
Blockchain technology ensures transparency and immutability. Once a transaction is recorded, it cannot be altered or reversed without network consensus. This level of security protects users from arbitrary interference while maintaining accountability.
👉 See how decentralized finance is building a more inclusive financial future.
A Conservative Approach to Innovation
As the state’s chief financial officer, McRae emphasizes caution. “I want to be very conservative with the state’s funds. I will not make risky investments with your tax dollars,” he states clearly.
However, conservatism doesn’t mean stagnation. Where crypto presents clear benefits—such as faster cross-border payments, reduced transaction fees, or enhanced financial inclusion—McRae is open to exploration.
His office oversees College and Career Savings Mississippi, a 529 plan that helps families save for education. Could crypto-based savings tools be integrated in the future? Possibly. Could blockchain streamline unclaimed property recovery—the program through which his office has returned over $100 million to residents? That’s under review.
McRae isn’t advocating for reckless adoption. Instead, he’s calling for thoughtful innovation—evaluating use cases that serve real needs without exposing taxpayers to undue risk.
Empowering Mississippians Through Financial Choice
The core of McRae’s message is empowerment. Whether you’re starting a small business, saving for your child’s education, or simply want control over your money, cryptocurrency expands options.
“You don’t have to be a tech expert or an investor to benefit from crypto,” McRae explains. “It’s about having choice—the freedom to use your money how you see fit, without permission.”
By fostering a regulatory environment that encourages responsible innovation, Mississippi could become a leader in financial inclusion. Other states are already exploring crypto-friendly policies; McRae believes Mississippi should be part of that conversation.
👉 Learn how states are embracing crypto to boost economic opportunity.
Frequently Asked Questions (FAQ)
Q: Has Mississippi been debanked by any major banks?
A: As of now, there is no public evidence that Mississippi’s state government has been debanked. However, the trend of ideological banking restrictions raises concerns about future vulnerability.
Q: Is the state planning to invest tax dollars in Bitcoin or other cryptocurrencies?
A: No immediate plans have been announced. Treasurer McRae emphasizes a cautious approach, focusing on practical applications rather than speculative investments.
Q: How can ordinary people use cryptocurrency safely?
A: Start with reputable platforms, use secure wallets, enable two-factor authentication, and only invest what you can afford to lose. Education is key.
Q: Could crypto help unbanked or underbanked communities in Mississippi?
A: Yes. With just a smartphone and internet access, individuals can participate in the global economy—making crypto a powerful tool for financial inclusion.
Q: What are the risks of adopting cryptocurrency at the state level?
A: Volatility, regulatory uncertainty, and cybersecurity threats are real concerns. Any state-level initiative would require rigorous risk assessment and oversight.
Q: Will Mississippi develop its own state cryptocurrency?
A: There are no indications of such a plan. The focus remains on understanding existing technologies and their potential applications.
Looking Ahead
Cryptocurrency is no longer a fringe concept—it’s part of a broader shift toward decentralized, user-controlled finance. For states like Mississippi, which value independence and self-reliance, this evolution presents both opportunity and responsibility.
Treasurer McRae concludes with a forward-looking message: “No matter if you’re a skeptic or not, cryptocurrency is worth investigating.” He promises more announcements from the State Treasury in the coming months—indicating that Mississippi may be on the cusp of a new chapter in financial innovation.
The conversation isn’t about replacing banks overnight. It’s about ensuring that no citizen or community is locked out of the financial system because of who they are or what they believe.
And in that mission, cryptocurrency may prove to be one of the most powerful tools of all.
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