Leaders in the cryptocurrency space are up in arms over documents that were recently uncovered showing the Biden administration instructed banks not to engage in cryptocurrency business.
The uncovered documents allegedly confirm suspicions that cryptocurrency tech founders were being 'debanked' under a program known colloquially as 'Operation Chokepoint 2.0.' Chris Lane, the former chief technical officer of Silvergate Bank, accused federal regulators of contributing to his bank's collapse after the documents were released Friday. 'Silvergate became what it was serving cryptocurrency clients,' Lane wrote on social media.
' Last week, Paul Grewal, the chief legal officer for Coinbase, considered one of the largest cryptocurrency exchange platforms, shared documents that he and his team had obtained following Freedom of Information Act requests that have paralleled a protracted legal battle between the company and the Securities and Exchange Commission and the Federal Deposit Insurance Corporation .
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