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Debanked: The Financial Suppression of Bitcoin Businesses Must End

Author: Content Editor
The article discusses the recent de-banking of a Wyoming company by Mercury, a banking platform, and its implications for Bitcoin businesses. The company had been operating seamlessly for years but was abruptly terminated without clear cause, possibly due to the fact that it accepted a sizable portion of customer payments in Bitcoin. The termination is seen as part of a systemic effort by regulators to suppress Bitcoin businesses by exploiting centralized banking choke points. The article argues that this is reminiscent of Operation Chokepoint 1.0, where federal regulators pressured banks to cut off services to lawful but disfavored industries. The harm caused by de-banking extends beyond Bitcoin and threatens the integrity of the financial system and the preservation of free markets. The article calls for Congress to hold regulators accountable, launch investigations into their actions, and pass laws prohibiting banks from discriminating against lawful industries based on political or ideological reasons. It also highlights the importance of institutions like Custodia Bank, which has challenged regulatory overreach and offers a lifeline for Bitcoin businesses seeking reliable financial services. The article concludes by emphasizing the urgent need for a multi-pronged strategy to ensure fair and impartial access to banking services for all lawful businesses and to dismantle Chokepoint 2.0.

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