Public statements and reports from affected crypto startups and financial news outlets

Marc Andreessen Reveals 'Operation Chokepoint 2.0': 30 Crypto Startups Debanked, Facebook's Libra '100% a Political Kill'

Nov 30, 2024, 11:11 AM

Marc Andreessen, co-founder of venture capital firm Andreessen Horowitz, stated on the Joe Rogan podcast that crypto founders and tech entrepreneurs have been subject to 'debanking', losing access to banking services without due process—a phenomenon he refers to as 'Operation Chokepoint 2.0'. Andreessen claimed that over 30 crypto startups were debanked, with banks allegedly pressured by regulatory agencies to sever ties with individuals and companies involved in cryptocurrency, fintech, and conservative politics. Melania Trump, in her memoir "Melania", alleged that both she and her son Barron were debanked for political reasons after leaving the White House. Former Facebook executive David Marcus revealed that the social media giant's Libra (later Diem) stablecoin project was effectively shut down due to political pressure, calling it "100% a political kill", from Treasury Secretary Janet Yellen and Federal Reserve Chair Jerome Powell, despite having addressed regulatory concerns. These revelations have sparked a broader discussion about the use of banking regulations to target disfavored industries and individuals, with the Equal Credit Opportunity Act cited in debates and calls for legislative action to prevent politicized debanking.