Over 30 tech founders have lost access to banking services without warning, according to Marc Andreessen, co-founder of venture capital firm Andreessen Horowitz. He claims this is a government conspiracy, calling it “Operation Chokepoint 2.0”. Andreessen explains that the practice is a direct attack on legal businesses, similar to an Obama-era program that cut off financial services to controversial or high-risk industries like marijuana dispensaries and gun shops.
He accuses the Biden administration of reviving and expanding this strategy to target political opponents and disfavored tech startups, particularly in the crypto industry. Crypto startups now face similar exclusionary practices, being denied banking services, payment processors, and insurance, which cripples their ability to operate.
Tesla CEO and X founder Elon Musk amplified the issue, and Coinbase CEO Brian Armstrong called it “one of the most unethical and un-American things that happened in the Biden administration”.
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