Coinbase CEO Brian Armstrong has joined several other crypto founders in accusing the Biden administration of using financial exclusion and de-banking to destroy the crypto industry.
The CEO claimed that the allegations of misconduct, part of the rapidly growing theory of “Operation Chokepoint 2.0,” are likely to have “Elizabeth Warren’s fingerprints all over them.”
In November, Marc Andreessen, co-founder of venture capital firm Andreessen Horowitz, told The Joe Rogan Experience podcast that “over 30 founders had been de-banked in the last four years.”
Elon Musk then shared this clip on X, asking his followers: “Did you know that 30 tech founders were secretly debanked?”
Now, crypto founders have been sharing their experiences backing up these damning allegations.
Coinbase’s Armstrong took to X to share his experience and back up Andreessen’s claims of de-banking.
“Can confirm this is true,” he said. “It was one of the most unethical and un-American things that happened in the Biden administration.”
The crypto exchange founder went on to “guess” that Elizabeth Warren, famed anti-crypto Senator, will have her “fingerprints all over it.”
“Biden himself was probably unaware,” Armstrong added.
The CEO claimed that both Warren and SEC Chairman Gary Gensler attempted to “unlawfully kill our entire industry, and it was a major factor in the Dems 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,” he added.
Armstrong noted that Coinbase was continuing to collect documents from its Freedom of Information Act (FOIA) requests from regulators.
“We’re still collecting documents via FOIA requests, so hopefully the full story emerges of who was involved and whether they broke any laws,” the Coinbase CEO said.
In November, the exchange issued requests in an attempt to gain stronger regulatory clarity in the U.S.
The FOIA requests revealed details about the alleged pause letters the Federal Deposit Insurance Corporation (FDIC) sent to financial institutions, adding to the fears of a potential Operation Chokepoint 2.0.
Paul Grewal, Coinbase’s Chief Legal Officer (CLO), said the company had unearthed “more than 20 examples” of the FDIC telling banks to “refrain from providing” crypto-banking services.
Coinbase previously sued the SEC for failing to comply with a 2023 request.
“After we sued, [FDIC] finally started giving us information related to our FOIA request about the pause letters it sent to financial institutions as part of Operation Chokepoint 2.0,” Grewal said.
“In short, the contents are a shameful example of a government agency trying to cut off financial access to law-abiding American companies,” he added.
Along with Coinbase, Andreessen’s unveiling of Operation Chokepoint 2.0 on a leading podcast has sparked other crypto and tech executives to come forward with their claims of de-banking.
Tyler Winklevoss, co-founder of Gemini, said: “I was debanked because I’m in crypto, as was Gemini.”
The American investor and former Olympic rower claimed that the number of tech founders de-banked is “probably much larger than 30.”
Jered Kenna, CEO of Tradehill and Money & Tech, also spoke out, claiming he had been a victim of de-banking.
“I had a spreadsheet of banks that denied me after I founded TradeHill, and I’m still banned at HSBC, BofA, Chase, Citi, Wells, and others. I’d try to talk to 5-10 a day at points,” Kenna said.
As the conspiracy debate wages on, it is clear more and more tech executives are making their complaints against the government louder.
With the conspiracy now becoming politicized alongside Donald Trump’s victory, this will not be the last time we hear about Operation Chokepoint 2.0.