Tesla CEO @Elon Musk recently made a striking revelation, alleging that 30 tech entrepreneurs were secretly debanked under questionable circumstances. On November 27, 2024, Musk took to social media to highlight the issue, urging others to verify if they had experienced similar treatment. His tweet sparked widespread attention and discourse, leading Coinbase CEO Brian Armstrong to step forward and validate Musk’s claims.
Armstrong characterized the covert debanking as one of the most unethical and fundamentally un-American practices witnessed during President Joe Biden’s administration. According to Armstrong, the orchestrated efforts to target tech founders stemmed largely from influential figures such as Senator Elizabeth Warren and SEC Chair Gary Gensler. While Armstrong speculated that Biden himself may have been unaware of these tactics, he emphasized the need for accountability, suggesting that Warren’s involvement was pivotal in what he described as an attempt to dismantle the burgeoning cryptocurrency sector.
The Coinbase CEO further accused Gensler of actively working to stifle the crypto industry, claiming these efforts contributed significantly to the Democratic Party’s presidential election loss. Armstrong revealed ongoing efforts to obtain evidence through Freedom of Information Act (FOIA) requests, aiming to expose the full extent of these alleged unlawful practices. He stressed the importance of uncovering those responsible for such regulatory overreach and the impact it has had on innovation and economic freedom.
This revelation underscores the broader conflict between U.S. regulators and the cryptocurrency industry. In recent years, crypto companies have faced increasing scrutiny despite adhering to existing compliance measures and often prevailing in court battles. However, critics argue that some government officials have sought to stifle the sector through informal methods like debanking and unannounced regulatory changes, a strategy widely dubbed “Chokepoint 2.0.” These allegations reflect ongoing tensions as the crypto industry navigates its path amidst evolving regulatory landscapes.