House Oversight Committee to investigate allegations of “debanking” from the crypto industry
The US Oversight Board Committee on Government Oversight and Reform launches an investigation into allegations that US banks have been dumping prominent members of the crypto industry.
in letter Addressed to Uniswap Labs CEO Hayden Adams, Andreessen Horowitz partner Marc Andreessen, Coinbase CEO Brian Armstrong, Light co-founder David Marcus, Kraken CEO Dave Ripley and Blockchain Association CEO Christine Smith, he says Americans can participate in UNA markets Without worrying about any potential backlash from financial institutions or regulators.
“The Government Oversight and Reform Commission is investigating debanking of individuals and entities based on political views or involvement in certain industries such as cryptocurrency and blockchain. The Commission is interested in engaging with individuals and entities whose financial institutions are concerned regarding their experience and the impact of debanking on their business operations.”
In an interview with Joe Rogan in 2024, Marc Andreessen said that more than 30 founders had been canceled over the past four years after being politically targeted.
Coinbase’s Armstrong supported the claim, saying,
“Warren and Gensler tried to illegally kill our entire industry, and it was a major factor in the Democrats losing the election. The Democratic Party must realize that Warren is a liability and another distance if they are to have any hope of rebuilding…
Can confirm that this is true. It was one of the most unethical and un-American things to happen in the Biden administration, and my guess is we’ll find Elizabeth Warren’s fingerprints all over it (Biden himself was probably unaware). “
Jesse Powell, co-founder of Kraken, said Choke Point 2.0, or the process aimed at scamming the crypto industry, has been in play for the past four years.
“New banks seen as crypto-friendly have been denied key accounts at the Federal Reserve. Existing crypto-friendly banks have been extrajudicially killed. This is why we are Bitcoin.”
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