Coinbase CEO Brian Armstrong says Massachusetts Senator Elizabeth Warren and U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler wanted to destroy the crypto industry.
In a post on social media platform X, Armstrong says Warren and Gensler possibly broke the law in their attempt to decimate crypto.
“Warren and Gensler tried to unlawfully kill our entire industry, and it was a major factor in the Democrats losing the election. The Democratic party should realize Warren is a liability and further distance themselves if they want to have any hope of rebuilding.”
Armstrong’s statement comes amid allegations that the US government is cutting off tech and crypto founders from banking services. In an interview on The Rogan Experience podcast, venture capital firm Andreessen Horowitz’s (a16z) co-founder Marc Andreessen says that over 30 founders have been de-banked over the past four years.
Armstrong is backing up Andreessen’s claim.
“Can confirm this is true. It was one of the most unethical and un-American things that happened in the Biden administration, and my guess is we’ll find Elizabeth Warren’s fingerprints all over it (Biden himself was probably unaware).”
Kraken co-founder Jesse Powell also says that Choke Point 2.0, or the operation designed to stifle the crypto industry, has been in effect over the past four years.
“Fed Master accounts for new banks perceived to be crypto-friendly have been unlawfully denied. Existing crypto-friendly banks have been extrajudicially murdered. This is why we Bitcoin.”
The news prompted high-profile crypto personalities to share their experience. Jameson Lopp says Casa, a Bitcoin (BTC) security provider, was de-banked.
Decentralized finance (DeFi) protocol Frax Finance founder Sam Kazemian and Gemini co-founder Tyler Winklevoss also say they were de-banked.
Says Winklevoss,
“Yes. I was de-banked because I’m in crypto, as was Gemini. The number is probably much larger than 30, that’s just in the a16z portfolio alone. They also assassinated several banks because they banked crypto companies. Totally unlawful, evil behavior.”
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