tl;dr
Tech founders, including Marc Andreessen and Elon Musk, claim that over 30 individuals have been suddenly denied banking services in what they call "Operation Chokepoint 2.0," accusing the Biden administration of targeting legal businesses and disfavored tech startups. They allege that this strategy...
Over 30 tech founders, including Marc Andreessen and Elon Musk, are alleging that the Biden administration is part of a government conspiracy called "Operation Chokepoint 2.0," aimed at targeting political opponents and disfavored tech startups, impacting industries such as crypto. They claim that sudden denials of banking services are being used to suppress legal businesses, with global implications as similar accusations arise in the UK and Australia.
Marc Andreessen, co-founder of venture capital firm Andreessen Horowitz, asserts that the Biden administration is reviving and expanding the strategy of financial exclusion to target political opponents and disfavored tech startups, especially in the crypto industry. He claims that over 30 founders have been debanked in the last four years, an act he views as a direct attack on legal businesses.
The allegation of "Operation Chokepoint 2.0" stems from an Obama-era program that cut off financial services to industries deemed controversial or high-risk, with Andreessen accusing the Biden administration of using similar mechanisms against their political enemies and disfavored tech startups, leaving them without banking services, payment processors, and insurance.
This issue of debanking has sparked widespread criticism, with claims of lack of due process and potential political motivations. There are also concerns beyond the U.S., with the UK's Financial Conduct Authority reviewing claims of politically motivated debanking, and Australia facing similar accusations related to crypto firms. While the FCA reported no evidence of accounts being closed primarily due to political views, the findings have sparked significant skepticism.