A high-profile CEO in the crypto space reportedly states that an American bank abruptly decided to cut off the company from banking services, corroborating earlier rumors of “de-banking” within the digital asset industry. Anchorage Digital CEO Nathan McCauley mentions that a bank – which has yet to be identified – essentially terminated their bank account for unexplained reasons after two years of collaboration with the lender, according to CNBC.

“Our story is pretty ridiculous… We had a bank that we had a growing relationship with for a number of years, who basically on a dime, decided to turn off our bank account.” McCauley did not disclose the name of the bank, and a spokesperson for Anchorage declined to provide any additional information to CNBC. The CEO indicates that the bank severed ties in June 2023, around the same time that numerous reports of “Choke Point 2.0” – a coordinated effort by the government to shut down the crypto industry – were circulating widely.

McCauley remarks, “You can only imagine what was happening to the smaller entrepreneurs who didn’t have the resources to be able to marshal in order to keep their bank accounts open.” Last month, U.S. Senator Cynthia Lummis (R-WY) stated that she wants the Federal Deposit Insurance Corporation (FDIC) to secure materials that could be related to the government’s alleged efforts to de-bank crypto firms.

In a letter to FDIC chair Marty Gruenberg, Lummis claimed that whistleblowers allege the deposit insurer is destroying materials linked to its digital asset activities. The senator asserted that the FDIC’s purported attempts to destroy and conceal materials related to Operation Choke Point 2.0 are unacceptable and illegal.

“If it is uncovered that anyone within the FDIC has knowingly destroyed materials or sought to obstruct the oversight functions of the Senate, it will result in swift criminal referrals to the U.S. Department of Justice. The American people deserve transparency, and I will see to it that they get the answers they deserve.”

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