"Upstream" with Erik Torenberg

E110: Crypto Debanking: What Really Happened | Patrick McKenzie

22 snips
Jan 18, 2025
In this illuminating discussion, Patrick McKenzie, a software developer and insightful commentator, dives into the controversial realm of debanking in the crypto industry. He examines Operation Chokepoint, outlining its political motives and far-reaching impacts on legitimate businesses. Patrick sheds light on the rise and fall of Silvergate Bank and addresses the regulatory hurdles that small businesses face when navigating banking for crypto services. The conversation also touches on the intersection of government actions and individual rights, raising vital questions for all.
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INSIGHT

Debanking: An Advocacy Term

  • "Debanking" is an advocacy term, similar to "death tax" vs. "inheritance tax".
  • It frames legitimate account closures as unjust, influencing perception.
INSIGHT

Two Types of Debanking

  • There are two types of debanking: account closure and denial of new accounts.
  • These have different impacts, but are often conflated.
ANECDOTE

Operation Choke Point

  • Operation Choke Point targeted payday lenders by pressuring banks.
  • This involved DOJ and FDIC using a law about defrauding banks.
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