According to Blockworks, Marc Andreessen revealed on the Joe Rogan show that 30 founders in the a16z portfolio had their bank accounts canceled, sparking dissatisfaction in the crypto community with the U.S. banking system.
On Solana, projects are providing alternatives for the unbanked and unbanked. Shimon Newman of Squads Labs is working on a report on the federal conspiracy called Operation Chokepoint 2.0.
The report pointed out that US regulators consider cryptocurrencies to be high-risk, leading to a large number of bank account cancellations. The smart wallet app launched by Squads provides a "virtual US bank account" that can accept bank transfers and convert them into stablecoins.
Nick Cavet, founder of CFX Labs, proposed the concept of "re-banking" to tokenize US dollar deposits. Serj Korj, co-founder of Solana's DePlan, launched Subdoor, which allows subscriptions to be paid in cryptocurrency.