What happens when over 30 tech founders lose access to banking services without warning? According to Marc Andreessen, this is no accident—it’s a government conspiracy.
Andreessen, co-founder of venture capital firm Andreessen Horowitz, claims the Biden administration is using financial exclusion as a weapon in what he terms “Operation Choke Point 2.0.”
Speaking on "The Joe Rogan Experience" podcast on Tuesday, Andreessen revealed, “Over 30 founders had been debanked in the last four years,” calling the practice a direct attack on legal businesses.
The term Operation Choke Point originates from an Obama-era program that cut off financial services to industries deemed controversial or high-risk, such as marijuana dispensaries and gun shops.

SEC Chair Gensler Denies Knowledge of Anti-Crypto Operation Choke Point 2.0
In a rare and charged appearance of all five voting members of the U.S. Security and Exchange Commision (SEC) before Congress on Tuesday, Chairman Gary Gensler batted away attack after attack on his crypto regulation record. At one point, Gensler even denied previous knowledge of the term “Operation Choke Point 2.0,” which refers to a popular theory that there is a coordinated government effort to prevent the American crypto industry from developing and taking root. “I’ve never heard that term,”...
Andreessen accused the Biden administration of reviving and expanding this strategy to target political opponents and disfavored tech startups, particularly in the crypto industry.
“Operation Choke Point 1.0 was 15 years ago against the pot and the guns,” he explained. “Choke Point 2.0 is primarily against their political enemies and disfavored tech startups.”
Crypto startups, according to Andreessen, now face similar exclusionary practices, being denied banking services, payment processors, and even insurance—crippling their ability to operate.
Tesla CEO and X founder Elon Musk amplified the issue, quote-tweeting a clip from the podcast: “Did you know that 30 tech founders were secretly debanked?" he said.

NatWest Customer 'Debanked' for Crypto Trading Amid Nigel Farage Row
It isn't just the polarizing British political figure Nigel Farage who's been 'debanked' by NatWest; a former customer of the UK bank claims to have had their account closed for crypto trading. Decrypt spoke to one member of the “NatWest CLOSED down my ACCOUNT” Facebook group, which is preparing to flood the bank with data requests from customers who have had their accounts closed down with little justification, according to reports in the British press. The former NatWest customer, who preferre...
The tweet triggered widespread rebuke, with Coinbase CEO Brian Armstrong touting it as “one of the most unethical and un-American things that happened in the Biden administration,” he wrote on X on Wednesday.
“My guess is we'll find Elizabeth Warren's fingerprints all over it … The Democratic party should realize Warren is a liability and further distance themselves if they want to have any hope of rebuilding,” Armstrong said.
Debanking refers to the process of a bank or financial institution revoking or restricting services to a customer, often closing their accounts without providing clear reasons.
“There’s no due process. None of this is written down. There’s no rules," Andreessen alleged. "There’s no court. There’s no decision process. There’s no appeal. Who do you appeal to? Who do you go to to get your bank account back?”

Debanking Row Revived By UK Regulator Review
The UK’s financial watchdog is expected to say it has found no evidence of people being “debanked” for their political views in a review of the issue due out later this week. The Financial Conduct Authority (FCA) will publish findings showing there were no cases where political views were the “primary” reason for the closure of a personal account, the Financial Times reported. The review is based on information sought by the FCA from 34 banks and payment providers. It is separate to an ongoing p...
Custodia Bank CEO Caitlin Long shared her company’s experience of being debanked on Wednesday.
“Yes—debanked repeatedly, in my company’s case,” she tweeted. "Keep an eye on our pending lawsuit against the Fed. Oral argument is scheduled for January 21."
The issue of debanking isn’t confined to the U.S. In September 2023, the UK’s Financial Conduct Authority (FCA) reviewed claims of politically motivated debanking.
Australia, too, has been accused of shuttering banking services linked to crypto firms, which allegedly began during COVID-19.
While the FCA reported no evidence of accounts being closed primarily due to political views, the findings sparked major skepticism.
Edited by Sebastian Sinclair
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