We can't live in a world where somebody starts a company that's a completely legal thing, and then they literally [] get sanctioned [] The embargo was imposed by the United States Government through an unaccountable [process] By the way. No due process. None This is the written version. There's no rules. There's no court, there's no decision process. There's no appeal. Who do you appeal to, right? [] Who Where can you turn to if you want your bank account returned?
— Marc AndreessenSpeaking to Joe RoganPublished on November 26, 2024
In Another troubling manifestation "Chokepoint 2.0," The aforementioned Wyoming In early 2009, the company was de-banked. NovemberBy 2024 MercuryThe platform is operated by Evolve Bank Other banking partners After Exceptional service and years of smooth operations. Mercury The account was terminated abruptly without a clear reason. The excuse? This is a vague hint "internal factors" The regulatory environment that they are likely to be under is as opaque.
Let’s be clear: The company's banking activity was uncontroversial. The Only offense that could occur is if the company takes a large portion of payments from its customers in Bitcoin. Aside From monthly wires Kraken The exchange was a regulated cryptocurrency. Transactions included payments for rent, utilities, hardware purchases and invoices from subcontractors.
The termination couldn't have had anything to do with risky behavior or financial misconduct. InsteadThe closing is an example of a larger systemic attempt to hobble Bitcoin Businesses can exploit the chokepoints in centralized banking that regulators are turning into weapons of suppression by exploiting them.
This You can learn more about it here. Chokepoint In action: 2.0 Regulators have found new ways to suppress industries they disfavor—this time, targeting Bitcoin Businesses and miners. Instead of legislative debate or due process, unelected bureaucrats leverage their oversight of banks to nudge them into “de-risking” clients that engage in entirely legal activities. The The company is just collateral damage of the isolation campaign Bitcoin The traditional financial system is no longer the only option.
This This is the chilling echo Operation Chokepoint Federal regulators illegally pressed banks to stop providing services to industries that were legal but not popular, like payday lenders and firearms dealers. That In 2019, the FDIC settled a case in which it was indicted for settling a campaign. The The settlement confirmed what was obvious to everyone: the weaponization of financial systems against legitimate businesses is illegal. Regulators know this—and yet here we are again.
Why This Matters
Debanking isn’t just an inconvenience. For businesses, it’s existential. Operating without a reliable banking partner in today's economy is like trying to breathe without air. When Banks are forced to cut ties with BitcoinThis is a warning to all companies involved in related industries: do so at your own peril. It It also inhibits innovation. A dangerous precedent for an economy founded on the principles of freedom.
MoreoverThis practice is contrary to the fundamental principle of fairness when it comes to financial services. The American banking system isn’t a private fiefdom. It It operates with the trust of its public and under public charters. The gatekeepers are not to be seen as arbiters for political purity.
The harm extends beyond Bitcoin. If What stops regulators from pursuing other industries? What happens when innovation, dissent, or inconvenient truths are deemed “too risky” for the comfort of entrenched powers? This It’s about much more Bitcoin—it’s about the integrity of the financial system and the preservation of free markets.
You can also find out more about the A-Team here. Call You can also find out more about the following: Action: Accountability You can also find out more about the following: Regulators
The The new way to buy? Congress The following are some examples of how to get started: Trump This is the time to take action against those who are behind this. Chokepoint 2.0 accountable. This isn’t a partisan issue; it’s a constitutional one. Regulators It is important to rein in those who act as de-facto legislators and implement policies that will never withstand public scrutiny.
- Investigations It is possible to buy Regulatory Overreach
Congress The agencies that are pressuring banks into cutting ties must be investigated in depth. Bitcoin businesses. Who These directives have been issued? Under What authority? The American People deserve to know the truth, and those who have offended deserve punishment.
- Personal Accountability You can also find out more about the following: Regulators
Bureaucrats The anonymity provided by the regulatory apparatus should not shield those who misuse their power. Those The individuals who are responsible for the weaponization of financial systems against legal businesses should be identified, shamed and permanently removed from their position. They may also lose all security clearances, as well as their pensions, retirement benefits and government pensions.
- Restoration The following are some examples of how to use Due Process
Any Decisions to restrict access to banking should be based on clear standards, which are codified. There must also be a transparent process for appeals. No There are more rules that can be viewed as shadows. If a business is You can also find out more about the following: be debanked, the reasons should be public, defensible, clearly articulated & defined, grounded in law, and appealable.
- Legislation to Protect Financial Access
Congress It is important to pass legislation prohibiting the discrimination of banks against legal industries on the basis of political or ideological reasons. The The free market is a product of neutrality. It withers when it becomes biased.
- Decentralization The following are some examples of how to use Financial Systems
Bitcoin Exists as a safeguard against exactly this type of overreach. Policymakers It is better to embrace it and its growth than to fight against it. America You cannot afford to be left behind the race in global financial innovation.
Much You can address the issues above through Section The SAFER 10 Banking ActThis directly limits the influence of regulatory agencies on banking services. SpecificallyIt prohibits federal agencies of banking from pressuring institutions to end relationships with legal businesses including those that are in the Bitcoin The cryptocurrency industry is based upon reputational risk or political motives. This The provision reinforces that financial service decisions should be based on a risk-based assessment of each account, rather than prejudices against whole industries. By By codifying these protections, SAFER Banking Act The bill would encourage fairness and transparent in financial services by ensuring regulators follow their duty of impartial supervision while respecting rights of legal businesses that operate under state or federal laws.
In In addition to legislative fixes, even the presence of one bank that is willing and capable to resist excessive regulatory pressure can dramatically change the financial landscape. Bitcoin businesses. Caitlin Long’s Custodia BankThe X-based in WyomingThe exemplifies the potential of this product. Custodia As seen in the lawsuit it filed against the federal regulators. Federal Reserve.
This bank has direct access to customers. Federal Reserve It is only by standing up for yourself and having a track record that you can prove to the regulators, will they be able save their lives. Bitcoin Financial services for (and other businesses) that require reliable service By Fostering an eco-system where legal businesses can flourish without the fear of debanking arbitrarily, Custodia Bank The model is a good example of how to protect innovation and freedom in the economy.
Taken Together, SAFER Banking Act It is important to continue supporting institutions that are like Custodia Bank Two critical fronts are involved in the battle against financial discrimination. While SAFÉR Act It has received significant opposition, having been presented multiple times since its introduction in Congress Only to repeatedly be blocked. Meanwhile, Custodia Bank's struggle underscores the severity of institutional hostility; the Federal Reserve's refusal to grant Custodia Access to the banking systems forced the bank into filing a federal suit just to claim their rightful place within the financial eco-system. These challenges highlight the entrenched opposition to reform, but they also emphasize the urgent need for a multi-pronged strategy—legislative, judicial, and entrepreneurial—to ensure fair and impartial access to banking services for all lawful businesses.
Bitcoiners: The Frontline The following are some examples of how to use Freedom
Bitcoin isn’t just money; it’s an idea—an idea that money and power belong to the people, not the state. This Why? we’re here. This is why Bitcoin exists. The Legacy financial system crumbles under corruption and each act of suppression underscores need for alternative decentralized solutions.
To be clear, I don't fully blame Mercury The following are some examples of how to get started: Evolve This is what you need to know. They're likely being forced into it by their regulators.2 IndeedDue to the Orwellian Bank Secrecy Act, the banks aren't allowed to disclose the reasons for these matters to the affected customers. Banks You can also like us on Facebook MercuryYou and all others who willingly participated with Chokepoint Should be the subject of 2.0 Congressional Subpoenas To explain and name the regulators that coopted them.
The The future Bitcoin—and America’s role as a leader in innovation—depends on exposing and dismantling Chokepoint All those involved in 2.0 will be held accountable.
1 Of course, Custodia Bank having a master account doesn’t eliminate the possibility of governmental censorship, but it does force it to be direct and open, rather than the indirect, hidden, and unappealable route the regulators can take now. See The x post by Caitlin Long.
2 Another There is reason to think that in this case Mercury The following are some examples of how to get started: EvolveThe regulators have the responsibility, right? Evolve Bank The penalty for a crime is June The year 2024 Federal ReserveThese actions are likely a result of their regulators’ overreaching, overreacting and imposing penalties.
This This is a post written by a guest. Colin Crossman. Opinions BTC does not endorse the views or opinions of any third parties. Inc You can also find out more about Bitcoin Magazine.
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