Crypto and Trump gang up on FDIC over debanking: 'Our story is pretty ridiculous'
After years of struggles with the Biden administration, crypto executives have allies across Washington, and now have a platform to voice their complaints.
Anchorage Digital CEO Nathan McCauley wants everyone to know what happened to his crypto company in 2023 during the Biden administration.
"Our story is pretty ridiculous," McCauley told CNBC in an interview after testifying at a Senate hearing, titled, "Investigating the Real Impacts of Debanking in America," earlier this month. "We had a bank that we had a growing relationship with for a number of years, who basically on a dime, decided to turn off our bank account."
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No explanation. No warning. After two years working with the bank, access was cut off. He didn't name the bank and an Anchorage spokesperson said the company is declining to provide it.
McCauley's peers across the crypto industry have shared similar sagas about being locked out of the U.S. financial system, losing access to payroll, checking accounts and payment processing. Industry leaders call it "Operation Choke Point 2.0," an alleged coordinated effort by regulators during the Biden presidency to pressure banks into severing ties with crypto. The 1.0 version, they say, occurred when the Obama administration went after banks that backed gun manufacturers and payday lenders.