TechFlow news, according to CoinDesk, Joseph Lubin, founder and CEO of Ethereum software developer ConsenSys, recently revealed that the company faced financial exclusion under the Biden administration twice due to "Operation Chokepoint 2.0."
Insiders disclosed that during the second incident, Wells Fargo attempted to resist pressure from regulatory agencies such as the FDIC and maintain account services for the $7 billion-valued company. Lubin said the bank clearly stated: "We like you, we don't want to do this, and we will delay this process as long as possible." However, it was ultimately forced to close the account. ConsenSys successfully navigated the crisis by proactively preparing multiple backup accounts.
Notably, after Trump won the election last November, the bank’s relationship manager immediately reached out to ConsenSys' CFO, seeking to restore the business relationship.
