Warren, Gensler Tried to ‘Unlawfully Kill’ Crypto | Airdrop Alert Pro

Coinbase CEO Brian Armstrong and tech billionaire Elon Musk have accused companies including Sen. Elizabeth Warren and U.S. Securities and Exchange Commission Chairman Gary Gensler of Prominent politicians including Gary Gensler have orchestrated a “massive debanking” campaign targeting the tech and cryptocurrency industries during the Biden administration.

Their comments came after revelations about covert operations that allegedly led to the closure of dozens of tech entrepreneurs’ bank accounts without notice or recourse.

Cryptocurrency leaders’ strong condemnation of Biden administration

In a post on X, formerly known as Twitter, Armstrong called the incident of being stripped of his bank account “unethical and un-American.” he pointed warren and Gensler, accusing them of trying to “illegally strangle” the cryptocurrency industry.

Brian Armstrong believes that such behavior leads to Democrats lost in recent elections. The Coinbase executive warned the party to distance itself from Warren if it seeks a political resurgence.

He also revealed that Coinbase is using Freedom of Information Act (FOIA) requests to reveal the full scope of the problem, raising questions about potential legal violations.

“We are still gathering documents through a Freedom of Information Act request, so we hope to get the full story about who was involved and whether they violated any laws. Warren and Gensler are trying to illegally stifle our entire industry, and this is something Democrats lose a major factor in the election,” Armstrong point out.

Armstrong’s comments added to the same controversy surrounding Elon Musk, who is known for his advocacy of free speech and innovation. SpaceX CEO mentioned Joe Logan interview Marc Andreessen, co-founder of Andreessen Horowitz.

“Did you know 30 tech founders were secretly stripped of their bank accounts?” Musk commented.

In the interview, Anderson claimed that 30 tech founders were “secretly stripped of their bank accounts,” describing it as an exercise of “silent government power.” This has drawn attention to a lack of transparency and has wider implications for freedom and innovation.

Custody Bank’s Caitlin Long also joined in the criticism

Caitlin Long, founder and CEO of Custodia Bank, also weighed in, sharing her personal experience of unbanking multiple times. Custodia, a cryptocurrency-enabled bank, faces regulatory hurdles that ultimately lead to layoffs Attributable to the Fed’s delay in granting the agency master account. Long’s ongoing lawsuit against the Fed seeks to address these challenges, and oral arguments are scheduled for January 21, 2025.

“Yes – in the case of my company (Custodia Bank), bank accounts were canceled multiple times. Please note our pending litigation against the Federal Reserve. Oral arguments are scheduled for January 21st (the day after Inauguration Day),” Long commented.

The accusations come amid broader concerns about overregulation in the cryptocurrency space. Warren and Gensler have been outspoken critics of the industry; and SEC Under Gensler’s leadership, pursued Multiple enforcement actions against cryptocurrency companies. Critics argue that these measures stifle innovation and target emerging technologies too much.

The dilemma of custodian banks, including consensus systemreflecting the challenges faced by cryptocurrency-friendly financial institutions. The fallout from the accusations could reshape the relationship between the tech industry and U.S. policymakers.

Brian Armstrong’s claim that these actions contributed to Democrats’ electoral defeat highlights the political risks of alienating the tech and cryptocurrency communities. Additionally, Long’s lawsuit could set a precedent for how courts handle claims of regulatory overreach.