Newly Revealed Documents Show Biden Administration Debanking Crypto

If you have ever tried to buy crypto, you know you have to jump through hoops to make the purchase.

Very few mainstream banks even offer transactions with online brokers like Coinbase to trade crypto.

The reason for that appears to be the Biden administration “encouraging” banks not to do business with such platforms.

No Dice

The first time I had ever tried to buy crypto, I had to open a new account with Ally because none of my current banks accepted transactions with Coinbase.

I thought maybe they were behind the times, but that appears to be by plan.

New documents were produced in the case regarding the collapse of Silvergate Bank.

Chris Lane, the former chief technical officer of Silvergate Bank, stated, "Silvergate became what it was serving cryptocurrency clients.

"[Crypto was a] strategic vertical we started focusing on in 2013. Regulators came in sometime in Spring 2023 and severely limited the amount of U.S. dollar deposits we could hold for digital asset clients. There went our entire business model."

David Sacks, who will take over as Trump’s crypto czar, wants to take a look at Operation Choke Point 2.0, the operation behind the locking out of banks doing business with crypto platforms.

Paul Grewal, the chief legal officer for Coinbase, was able to acquire documentation via the FOIA to show the Biden administration was behind the lockout.

Grewal stated, "Law-abiding American businesses should be able to access banking services without government interference.

"The incoming administration has the opportunity to reverse so many poor crypto policy decisions, chief among them politically motivated regulatory decisions like Operation Chokepoint 2.0."

Trump has been very receptive to helping crypto, hence the explosion of Bitcoin after Trump was elected.

My guess is that by the end of Trump’s term, you are going to see crypto explode in terms of usage here in the United States.