The United States House Committee on Oversight and Government Reform is launching an investigation into allegations that US banks divested prominent members of the crypto industry from banking operations.
In one letter addressed to Uniswap Labs CEO Hayden Adams, Andreessen Horowitz partner Marc Andreessen, Coinbase CEO Brian Armstrong, Lightspark co-founder David Marcus, Kraken CEO Dave Ripley and Blockchain Association CEO Kristin Smith, the committee says it wants to ensure that Americans can participate in the US markets without having to worry about possible reactions from financial institutions or regulators.
“The Committee on Oversight and Government Reform is investigating the improper debanking of individuals and entities based on political views or involvement in certain industries such as cryptocurrency and blockchain. The Committee is interested in talking to individuals and entities that have been debanked by their financial institutions about their experiences and the impact of debanking on their business operations.”
In an interview with Joe Rogan in 2024, Marc Andreessen said that over the past four years, more than thirty founders had been written off their banks after becoming political targets.
Coinbase’s Armstrong supported the claim, saying:
“Warren and Gensler tried to unlawfully 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 distance themselves further if they want to have any hope of rebuilding.
Can confirm this is true. It was one of the most unethical and un-American things to happen in the Biden administration, and I suspect we will find Elizabeth Warren’s fingerprints all over it (Biden himself was probably unaware of that).”
Kraken co-founder Jesse Powell also said that Choke Point 2.0, or the operation aimed at suppressing the crypto industry, has been in place for the past four years.
“Fed Master accounts for new banks that are considered crypto-friendly have been unlawfully denied. Existing crypto-friendly banks have been extrajudicially murdered. This is why we use Bitcoin.”
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