Industry leaders urge Biden admin to address crypto concerns: 'Cold-shoulder approach needs to be looked at'

The Biden administration has instructed banks to avoid engaging in cryptocurrency business, causing uproar among leaders in the cryptocurrency industry.

Allegedly, the uncovered documents confirm that cryptocurrency tech founders were being "debanked" under a program called "Operation Chokepoint 2.0."

"In 2013, we started focusing on cryptocurrency clients as a strategic vertical. However, in Spring 2023, regulators severely limited our ability to hold U.S. dollar deposits for digital asset clients, which ultimately destroyed our entire business model."

Lane characterized the experience as equivalent to being "stabbed in the front."

David Sacks, President-elect Donald Trump's new artificial intelligence and crypto czar, stated on Friday that Operation Choke Point 2.0 has caused too many people harm and needs to be examined.

Paul Grewal, Coinbase's Chief Legal Officer, disclosed documents obtained through Freedom of Information Act requests during a legal battle between the company and the SEC and FDIC.

The FDIC, under the Biden administration, sent out multiple letters to banks, urging them to halt all activities related to cryptocurrencies.

""

Grewal vowed to persist in advocating for transparency, specifically by striving to acquire unredacted copies of the documents.

During Thanksgiving week, concerns about regulators restricting crypto from interacting with banks intensified after tech investor Marc Andreessen stated on the Joe Rogan podcast that over 30 tech entrepreneurs had been "debanked" due to political reasons. Andreessen compared this to the Obama-era program "Operation Chokepoint," which aimed to limit high-risk industries such as payday lenders and gun dealers.

The FDIC and SEC were contacted by Planet Chronicle Digital for comment but no response was received before the deadline.