Andreessen Accuses Biden Administration of Targeting Crypto

Marc Andreessen, co-founder of Andreessen Horowitz, has accused the Biden administration of using the banking system to target and debank crypto entrepreneurs, labeling this effort as 'Operation Chokepoint 2.0'. He claims that over 30 crypto founders have lost banking access in what he describes as a deliberate attempt to suppress legal businesses in the industry. This initiative, according to Andreessen, mirrors past government actions targeting sectors deemed 'high risk' and is part of a broader strategy to control emerging tech and political adversaries. Coinbase's Brian Armstrong and others have echoed these sentiments, calling the situation unethical and un-American, and are utilizing Freedom of Information Act requests to uncover the alleged government scheme. This controversy has heightened concerns among crypto advocates about government overreach and its potential to stifle innovation, with Andreessen warning that such actions could push startups to relocate abroad. The situation reflects a growing tension between the decentralized nature of crypto and the centralized control exerted by government agencies.