Anchorage, a federally chartered crypto bank regulated by the Office of the Comptroller of the Currency (OCC), found itself on the wrong side of its own banking partner.
In June 2023, the bank told Anchorage it was severing ties because the company was “in the business of crypto.” Nathan McCauley, Anchorage’s CEO, reportedly shared this during a testimony to Rep. French Hill yesterday, igniting another round of debate about the treatment of crypto businesses under President Biden’s administration.
The debanking of Anchorage signals a much larger issue within the U.S. financial system. Industry leaders have dubbed it “Operation Choke Point 2.0,” a reference to an Obama-era policy that pushed banks to cut off services to businesses in politically or socially controversial industries.
While that operation ended in scandal and lawsuits, the crypto sector says its playbook has returned — with them as the new targets.
The ghost of Operation Choke Point
Operation Choke Point began in 2013 under the Obama administration, targeting industries that regulators considered high-risk. Payday lenders, firearm dealers, and adult entertainment were among the casualties.
By leaning on banks to avoid certain sectors, the government effectively blocked these businesses from accessing financial services, despite their legality. Critics of the program called it a regulatory overreach and accused federal agencies of weaponizing financial infrastructure.
The backlash was swift. Congress intervened, lawsuits piled up, and the program was officially shuttered. Or so everyone thought.
Operation Choke Point 2.0, as insiders call it, allegedly pressures banks to blacklist cryptocurrency businesses. Anchorage’s case is just one example. Despite being federally chartered and under strict regulatory supervision, the bank still faced rejection from its own banking partner.
Marc Andreessen, the tech entrepreneur and investor, brought new attention to the issue last month when he spoke on Joe Rogan’s podcast. “Did you know that 30 tech founders were secretly debanked?” he said.
Coinbase CEO Brian Armstrong has been one of the loudest voices against what he calls an anti-crypto agenda from Washington. “Un-American,” he declared when describing the Biden administration’s treatment of the industry.
Brian argues the government deliberately tried to crush innovation by isolating crypto businesses from financial infrastructure.
Sam Kazemian, founder of Frax Finance, also shared that JPMorgan Chase allegedly shut down his accounts tied to crypto without notice. He said it was part of a larger directive from the bank’s leadership to cut ties with crypto-related clients.
Gab founder Andrew Torba had an even harsher experience. Multiple banks dropped him, and Torba claimed they acted under regulatory threats. He said banks feared audits and penalties if they continued to serve crypto businesses.
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