Coinbase CEO Brian Armstrong has revealed ongoing efforts to obtain documentation through the Freedom of Information Act (FOIA) to uncover US banks’ full scope of crypto-related account closures.
Armstrong posted a message on X Nov. 27, titled “Another Way to Get Your Money Back”. “confirmed”He said that banks had severed ties only because they were involved in the crypto-industry. These actions were deemed unethical by him and against American values.
Armstrong said that the anti-crypto sentiment fueled by people like Senator Elizabeth Warren, and outgoing SEC chair Gary Gensler could have been at the heart of these decisions. He said:
“My guess is we’ll find Elizabeth Warren’s fingerprints all over it (Biden himself was probably unaware).”
These actions, he said, may have led to the Democratic Party’s recent electoral losses. Armstrong encouraged the Democratic Party not to associate with figures such as Senator Warren who he considered a threat to future political prospects. He also said:
“Warren and Gensler tried to unlawfully kill our entire industry, and it was a major factor in the Dems losing the election.”
Operation Chokepoint 2
On the other hand, crypto investors have also experienced similar problems with accessing financial services.
Roman Storm revealed on Nov. 27 that his bank account was repeatedly de-banked due to the association of the approved crypto mixer. The developer expressed his frustration by stating that the debankings have been repeated. “lost count”This has happened at least twice in the last two years and a quarter.
Sam Kazemian is the founder of Frax Finance and he shared an experience similar to his. He said that JPMorgan Chase told him, in December 2017, that they were closing accounts for individuals who derived their primary income from cryptocurrency.
He said that the top executives were responsible for this decision, and added that customers would not receive any explanations about such closures. He declared:
“I had a close relationship with my banker so I assume 99% of people wouldn’t even get that kind of transparency/explanation. Wanted to add my own name to the debanked OCP list. It’s real. It happened.”
These revelations align with statements made by venture capitalist Marc Andreessen, who recently highlighted the issue on Joe Rogan’s podcast.
Andreessen charged the Biden Administration of expanding “Operation Choke Point“—initially aimed at industries like firearms and marijuana—to target crypto and tech startups. According to Andreessen, at least 30 founders have been debanked in the last four years, with no warnings or avenues to appeal.
The crypto community has since adopted the term “Operation Choke Point 2.0”To describe what they believe to be coordinated efforts of US regulators in order to undermine the industry.
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