Two crypto OGs— @nic__carter & @CampbellJAustin —drop the hammer on debanking. Read their forceful op-ed here: https://t.co/LNKwluebIU
My latest on debanking and OCP2.0 in @FortuneMagazine, alongside @CampbellJAustin https://t.co/diU1UHx48Y
There have been a lot of media pieces lately covering debanking. Here’s a summary of what you need to know, from us. https://t.co/zNOHEUg8b6
The cryptocurrency industry is facing a contentious issue known as 'debanking,' where banks are reportedly closing accounts or denying services to crypto-related businesses without due process. This practice, dubbed 'Operation Choke Point 2.0' by some, has been criticized by crypto advocates and executives, including David Sacks, the incoming White House Crypto Czar, who has called for scrutiny into regulatory efforts targeting the crypto sector. Recent reports and op-eds, including one from a16z, have shed light on the issue, suggesting that political actors and agencies might be involved in these actions. Critics argue that debanking has led to the downfall of banks like Silvergate and Signature Bank, while others claim that the complaints often omit crucial context or exaggerate the consequences for startups. The debate has turned into a political cudgel at a time when the crypto industry seeks to influence policy and public perception.
