Coinbase CEO Brian Armstrong has made shocking allegations against Massachusetts Senator Elizabeth Warren and U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler, accusing them of attempting to destroy the crypto industry. In a post on social media platform X, Armstrong claimed that Warren and Gensler may have even broken the law in their efforts to dismantle the industry.
Armstrong’s bold statement comes amidst growing concerns that the US government is cutting off tech and crypto founders from essential banking services. Venture capital firm Andreessen Horowitz’s co-founder Marc Andreessen recently revealed on The Rogan Experience podcast that over 30 founders have been “de-banked” over the past four years. Armstrong has corroborated Andreessen’s claims, calling the actions of the US government unethical and un-American.
Kraken co-founder Jesse Powell also weighed in on the issue, referring to “Choke Point 2.0,” an operation allegedly aimed at stifling the growth of the crypto industry. Powell claimed that new banks perceived to be crypto-friendly have been unfairly denied Fed Master accounts, while existing crypto-friendly banks have been unjustly targeted.
The news of founders being de-banked has sparked outrage among high-profile crypto personalities. Jameson Lopp revealed that Casa, a Bitcoin security provider, was among the companies affected. Decentralized finance (DeFi) protocol Frax Finance founder Sam Kazemian and Gemini co-founder Tyler Winklevoss also shared their experiences of being de-banked. Winklevoss condemned the actions as “totally unlawful, evil behavior.”
As the crypto industry continues to face challenges from regulators and lawmakers, it is essential for stakeholders to stay informed and vigilant. The crackdown on crypto founders’ access to banking services underscores the need for greater dialogue and collaboration between the industry and government authorities.
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