Coinbase CEO, Brian Armstrong, is using the Freedom of Information Act (FOIA) to find out how many US banks have closed cryptocurrency-related accounts. He thinks that some banks are closing these accounts because they don’t like crypto, which is not a good reason. He believes that people like Senator Elizabeth Warren and Gary Gensler might be responsible for this.
Armstrong thinks that these actions might have caused some political problems for the Democratic Party. He advises the party to stay away from people like Senator Warren. Other people who work with cryptocurrencies have also had trouble getting bank accounts. For example, Roman Storm, who is involved in the Tornado Cash project, and Sam Kazemi from Frax Finance, have both had their accounts closed by banks.
They don’t know the exact reasons for the closures. This situation is similar to something called “Operation Choke Point 2.0”, which means that the US government might be trying to stop people from using cryptocurrencies. Venture capitalist Marc Andreessen also talked about this problem on a podcast and said that at least 30 founders of crypto companies have lost their bank accounts in the last four years, without any notice or chance to appeal.
The crypto community is calling this “Operation Choke Point 2.0” because they think that US regulators are working together to make it harder for people to use cryptocurrencies.
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<p>The post Uncovering Crypto Bank Closures: Coinbase CEO’s FOIA Efforts and Operation Choke Point 2.0 first appeared on CoinBuzzFeed.</p>