TechFlow news, November 28 — According to Bitcoin.com News, Marc Andreessen, co-founder of a16z, revealed on the Joe Rogan podcast that at least 30 tech founders have had their banking services terminated due to involvement with digital currencies. Several prominent cryptocurrency entrepreneurs subsequently came forward with their own experiences.
Tyler Winklevoss, co-founder of Gemini, said the number could be much higher than 30—just within a16z’s portfolio companies, there are already that many affected. Caitlin Long, founder of Custodia Bank, disclosed that her company has repeatedly faced "debanking," and is currently suing the Federal Reserve, with oral arguments scheduled for January 21, 2025.
Jesse Powell, founder of Kraken, said his company was unable to secure U.S. banking services for years and was forced to turn to European markets. Joey Krug, partner at Founders Fund, said he was harassed by banks simply for purchasing bitcoin on Coinbase.
Technology entrepreneur Balaji Srinivasan argued that political pressure lies behind this systematic campaign of "debanking" targeting the cryptocurrency industry, and called for accountability from relevant policymakers.
