CandleFocus Anchorage dropped by bank over crypto ties, CEO tells lawmakers
2024-12-05
Author: Content Editor
Anchorage, a federally chartered crypto bank, had its banking partner sever ties due to the bank being involved in crypto. This has drawn attention to the treatment of crypto businesses under President Biden's administration, with industry leaders calling it "Operation Choke Point 2.0," a reference to a past policy that targeted high-risk industries. Similar to the previous operation, crypto businesses are being blacklisted by banks, effectively cutting off their access to financial services. Critics argue that this is government overreach and an attempt to crush innovation in the crypto sector. Several prominent figures in the crypto industry have spoken out against this treatment, including Coinbase CEO Brian Armstrong and tech entrepreneur Marc Andreessen.
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