It’s Time to End the Bureaucrat's Secret Weapon: Debanking

CoinDesk (nprofile…nhef)
✍️ The article discusses the phenomenon of "debanking" in Washington, where crypto companies and other businesses are being cut off from banking services allegedly due to pressure from federal regulators.
👉 Debanking refers to the practice of cutting off businesses from banking services allegedly due to pressure from federal regulators
👉 Many in the industry have dubbed this "Operation Chokepoint 2.0", comparing it to a previous Obama-era initiative
👉 The author's company experienced debanking firsthand, despite being a federally-regulated bank themselves
👉 Regulators are using a shadowy and unaccountable process to deny banking services to certain businesses
👉 Debanking is a threat to American values and can be devastating for law-abiding individuals and businesses

#Theauthor #Washington #politics

quoting nevent1q…x00f

CoinDesk (nprofile…nhef)

Nathan McCauley is CEO Anchorage Digital, an institutional crypto platform. He testifies as a witness before the Senate Banking Committee in today’s hearing: "Investigating the Real Impacts of Debanking in America."
https://www.coindesk.com/opinion/2025/02/05/it-s-time-to-end-the-bureaucrat-s-secret-weapon-debanking