1/ Today we, along with some of the most important crypto companies and investors, received a letter from @GOPoversight asking for information on the recent debanking of lawful companies and individuals.
We’re grateful for @RepJamesComer’s leadership on this critical issue.
🧵
We’re grateful for @RepJamesComer’s leadership on this critical issue.
🧵
2/ After November’s election, we sent a letter to President Trump and the new Congress outlining key priorities to tackle during the first 100 days.
Ending the debanking of crypto was one of the top priorities.
Ending the debanking of crypto was one of the top priorities.
https://x.com/BlockchainAssn/status/1859947597794050506
3/ It was also an issue we addressed last month at our Policy Summit.
@SenLummis stated “debanking is a corrupt process, it’s like what a third world country would do, and we’re going to do so much better in 2025.”
@SenLummis stated “debanking is a corrupt process, it’s like what a third world country would do, and we’re going to do so much better in 2025.”
https://x.com/BlockchainAssn/status/1869123087406690631
4/ Under the leadership of @realDonaldTrump, @SenatorTimScott, @SenLummis, @GOPoversight @RepJamesComer, @RepFrenchHill, @RepAndyBarr, Acting FDIC Chair Hill and others we’re grateful this issue is a week one priority.
Getting to the bottom of this is critical for US innovation.
Getting to the bottom of this is critical for US innovation.
5/ Back in March ‘23 we filed FOIA and FOIL requests to further investigate communications between regulators and banks to determine if there was direct instruction to restrict access to crypto companies.
We’re still waiting on responses.
We’re still waiting on responses.
6/ We also launched an anonymous tipline for those impacted by debanking…
debanked@theblockchainassociation.org
…to gather stories and information.
debanked@theblockchainassociation.org
…to gather stories and information.
7/ Following our investigation, a clear pattern emerged: legal businesses and individuals were systematically denied access to banking, often with little to no explanation.
Understandably, those impacted felt compelled to stay silent – or only share their stories confidentially.
Understandably, those impacted felt compelled to stay silent – or only share their stories confidentially.
8/ But the tide is turning and there is new leadership in DC that is committed to ending this unlawful, discriminatory practice.
And we remain committed to listening to industry, companies, and individuals who have experienced this first hand – and amplifying their stories.
And we remain committed to listening to industry, companies, and individuals who have experienced this first hand – and amplifying their stories.
9/ This saga shows why many are drawn to crypto in the first place. We want to live in a world where everyone controls their own financial destiny, free from undue political interference.
Individuals in a lawful industry shouldn’t be punished because of overzealous regulators.
Individuals in a lawful industry shouldn’t be punished because of overzealous regulators.
10/ We’re pleased that @GOPOversight is investigating this issue thoroughly. We look forward to providing the committee all the help it needs, along with @HaydenzAdams, @pmarca, @Brian_Armstrong, @DavidMarcus, and @DavidLRipley.
end/ Together we can ensure crypto pioneers, innovators, and entrepreneurs are free to innovate, build, and create – here in America.
If you’ve been impacted by debanking, tell us your story at debanked@theblockchainassociation.org.
If you’ve been impacted by debanking, tell us your story at debanked@theblockchainassociation.org.
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