Imagine, if you will, a world where banks are so scared of their own shadows that they start cutting off ties with crypto firms. Yes, you heard that right. The same banks that were happy to take your money when the going was good. This is the world that Joe Lubin, the ever-optimistic CEO of ConsenSys, found himself in not just once, but twice. 🙀
According to our fearless leader, the banks were under intense pressure to cut ties with crypto. So much so that the government had to create Operation Chokepoint 2.0. I mean, who needs banking services, right? 🙄
But it wasn’t just the businesses that were in the crosshairs; even the bigwigs like Joe were feeling the heat. Despite this, he’s quick to give a shoutout to a certain unnamed bank (wink, wink, nudge, nudge) that stood by ConsenSys, a $7 billion company, for as long as it could. 🙌
“The bank indicated to us they were getting a lot of pressure to shut down our account: a $7 billion company, always been an excellent customer for them.”
For those of you playing the home game, Chokepoint 1.0 was a brainchild of the Obama administration, aimed at restricting banking services for businesses that weren’t politically favored. Whether these businesses were legal or not was apparently a minor detail. 🤷♂️
Under the Biden administration, the FDIC decided to double down with Chokepoint 2.0, putting even more pressure on banks to sever ties with crypto firms. But not to worry, ConsenSys had a few tricks up its sleeve, like backup accounts to keep the lights on. 💡
While the name of the heroic bank remains a mystery, sources whisper that it was none other than Wells Fargo. Go figure. 🕵️♂️
Now, the crypto community, not one to stay silent, is pushing back against these debanking practices. Ripple’s Brad Garlinghouse and Marc Andreessen of Andreessen Horowitz have been vocal about the issue, and it’s even made its way to Congress. 🏛️
So, as we stand on the brink of a new era in crypto regulation, one thing is clear: the fight is far from over. And with heroes like Joe Lubin and a bank that didn’t jump ship at the first sign of trouble, the future looks bright. 🚀
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2025-02-07 18:55