The United States House Committee on Oversight and Government Reform is launching a probe into allegations that US banks were de-banking prominent members of the crypto industry.
In a 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 US markets without worrying about any potential backlash from financial institutions or regulators.
“The Committee on Oversight and Government Reform is investigating improper debanking of individuals and entities based on political viewpoints or involvement in certain industries such as cryptocurrency and blockchain. The Committee is interested in engaging with individuals and entities debanked by their financial institutions regarding their experience and the impact of debanking on their business operations.”
In a 2024 interview with Joe Rogan, Marc Andreessen said that over 30 founders had been de-banked over the past four years after being politically targeted.
Coinbase’s Armstrong backed up 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 should realize Warren is a liability and further distance themselves 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 that happened in the Biden administration, and my guess is we’ll find Elizabeth Warren’s fingerprints all over it (Biden himself was probably unaware).”
Kraken co-founder Jesse Powell also said that Choke Point 2.0, or the operation that aimed to stifle the crypto industry, has been in effect over the past four years.
“Fed Master accounts for new banks perceived to be crypto-friendly have been unlawfully denied. Existing crypto-friendly banks have been extrajudicially murdered. This is why we Bitcoin.”
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