CandleFocus Brian Armstrong, Elon Musk Slam Biden Administration Over ‘Mass Debanking’
2024-11-29
Author: Content Editor
Coinbase CEO Brian Armstrong and Elon Musk have accused figures like Senator Elizabeth Warren and SEC Chair Gary Gensler of orchestrating a "mass debanking" campaign against the technology and cryptocurrency sectors during the Biden administration. They claim that this campaign has led to the closure of bank accounts for tech entrepreneurs without notice or recourse. Armstrong has labeled the debanking incidents as "unethical and un-American" and accused Warren and Gensler of attempting to unlawfully kill the cryptocurrency industry. He also revealed that Coinbase is using FOIA requests to uncover the full scope of the issue. Musk has also commented on the issue, referencing a Joe Rogan interview where it was alleged that 30 tech founders were secretly debanked. Caitlin Long, founder and CEO of Custodia Bank, shared her personal experience with debanking and mentioned her ongoing lawsuit against the Federal Reserve. These allegations raise concerns about regulatory overreach in the crypto space and the potential political risk of alienating the tech and crypto communities. Long's lawsuit could also set a precedent for addressing claims of regulatory overreach.
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