Marc Andreessen, co-founder of Andreessen Horowitz, accuses the Biden administration of weaponizing the banking system against crypto entrepreneurs, linking it to what he calls “Operation Chokepoint 2.0,” an alleged continuation of a past government strategy to exclude disfavored industries from the financial system.
Andreessen claims that over 30 founders have been debanked in the last four years, suggesting a deliberate effort to target individuals and companies in the crypto industry. Andreessen argues that crypto founders are now facing the same exclusionary practices, being denied access to banking services, payment processors, and insurance.
The impact on the crypto sector is significant, as startups are forced to operate in a fragmented and inefficient manner, stifling innovation and driving businesses abroad. The crypto community will likely look to decentralized systems as a path forward, as the debate over financial inclusion and regulatory overreach intensifies.
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