Over the past four years, more than 30 tech founders have reportedly lost banking access, prompting claims that this is part of a targeted campaign against the cryptocurrency and tech sectors. Marc Andreessen, co-founder of Andreessen Horowitz, refers to this as “Operation Chokepoint 2.0,” which appears to be a broader approach than a previous initiative that restricted banking services to high-risk industries.
Tesla CEO Elon Musk has also expressed concern about the issue on social media. SEC Chair Gary Gensler denied knowledge of Operation Chokepoint 2.0 when questioned in Congress, while Coinbase CEO Brian Armstrong suggested potential involvement from Senator Elizabeth Warren. The process of “debanking” often occurs without clear explanation or recourse for affected parties, including challenges in accessing payment processing and insurance coverage.
This issue extends beyond the US, with similar cases reported in the UK and Australia. Custodia Bank is attempting to address these challenges through a legal challenge against the Federal Reserve.
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