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<blockquote style="position: relative; padding-left: 55px;"><section><a href="https://hachyderm.io/users/molly0xfff/statuses/113602888445755045">Molly White (molly0xfff@hachyderm.io)'s status on Friday, 06-Dec-2024 08:48:36 JST</a><a href="https://hachyderm.io/@molly0xfff" title="molly0xfff@hachyderm.io"><img src="https://gnusocial.jp/avatar/34789-48-20230824095227.webp" width="48" height="48" alt="Molly White" style="position: absolute; left: 0; top: 0;">Molly White</a><div><a href="https://hachyderm.io/@molly0xfff/113602880923195202" rel="in-reply-to">in reply to</a></div></section><article><p>Finally, crypto and other tech executives got to talking about “debanking” this week: the word they’re using for when their predatory fintech and crypto platforms are deemed too risky by banks (and not to be confused with actual discriminatory debanking).</p><p><a href="https://hachyderm.io/tags/crypto" rel="tag">#crypto</a> <a href="https://hachyderm.io/tags/cryptocurrency" rel="tag">#cryptocurrency</a></p></article><footer><a rel="bookmark" href="https://gnusocial.jp/conversation/4131775#notice-8074768">In conversation</a><time datetime="2024-12-06T08:48:36+09:00" title="Friday, 06-Dec-2024 08:48:36 JST">about 2 months ago</time> <span>from <span><a href="https://hachyderm.io/@molly0xfff/113602888445755045" rel="external" title="Sent from hachyderm.io via ActivityPub">hachyderm.io</a></span></span><a href="https://hachyderm.io/@molly0xfff/113602888445755045">permalink</a><h4>Attachments</h4><ol><li><label><a rel="external" href="https://gnusocial.jp/attachment/3639315">Tech bigwigs’ favorite word recently has been “debanking”. It all kicked off with Marc Andreessen’s appearance on Joe Rogan’s show, which at some point morphed into a series in which Joe Rogan just makes this face[photo of Joe Rogan with very raised eyebrows and his mouth slightly agape]and says “whoa” for several hours at his disgustingly wealthy and powerful guests as they complain about all the ways they’re being disadvantaged and discriminated against.</a></label><br><a href="https://media.hachyderm.io/media_attachments/files/113/602/882/827/978/052/original/71f1987ff07a701d.png" rel="external">https://media.hachyderm.io/media_attachments/files/113/602/882/827/978/052/original/71f1987ff07a701d.png</a></li><li><label><a rel="external" href="https://gnusocial.jp/attachment/3639316">“Debanking” refers to when a bank shuts down a person’s (or company’s) account, or denies them when they try to open one. Andreessen also spoke about “Operation Chokepoint”, an Obama-era initiative to scrutinize banks doing business with sectors at high risk for money laundering, including firearms. The initiative formally ended in 2017.Debanking is a real challenge for those affected by it. In particular, sex workers are regularly debanked — even those who operate in the completely legal zones of sex work like pornography or erotic dance.31 Companies in those areas also face banking access issues, as demonstrated by the events that led up to OnlyFans announcing (and then quickly rescinding) a ban on adult content.32 Similar issues have plagued the cannabis industry, and more recently, pro-Palestine activists who have lost access to financial services on platforms like Venmo and GoFundMe when trying to aid those in Gaza.</a></label><br><a href="https://media.hachyderm.io/media_attachments/files/113/602/885/419/084/779/original/edf5ab123e9ee721.png" rel="external">https://media.hachyderm.io/media_attachments/files/113/602/885/419/084/779/original/edf5ab123e9ee721.png</a></li><li><label><a rel="external" href="https://gnusocial.jp/attachment/3639317">However, “Operation Chokepoint” has also become a popular conservative hobbyhorse, and the true history of the program’s scale, purpose, impact, and ongoing existence is heavily exaggerated. Much of the exaggeration was seeded by the gun lobby, which pushed overblown claims to portray a narrative where Democratic lawmakers and bankers extrajudicially discriminated against gun owners and dealers.33 In February 2023, bitcoiner and venture capitalist Nic Carterf published an article in Pirate Wiresg titled “Operation Choke Point 2.0 Is Underway, And Crypto Is In Its Crosshairs”. Its subtitle, “detailing the Biden Admin’s coordinated, ongoing effort across virtually every US financial regulator to deny crypto firms access to banking services”, laid out the thesis, which he rather grossly decides constitutes “redlining”. Andreessen went even further to blame the Consumer Financial Protection Bureau (CFPB), an agency established post-financial crisis to supervise a broad range of financial firms (including banks, fintechs, lenders, and so on). He even tried to pin the entire 2022 crypto collapse on “debanking”, and not, oh I don’t know, the massive fraud among companies that were leveraged up to their eyeballs.These debanking gripes — echoed after Andreessen’s Rogan appearance by other cryptocurrency and fintech executives sharing their “debanking stories” — are an egregious attempt by those profiting from predatory financial practices to</a></label><br><a href="https://media.hachyderm.io/media_attachments/files/113/602/886/195/160/947/original/b50641130affe18c.png" rel="external">https://media.hachyderm.io/media_attachments/files/113/602/886/195/160/947/original/b50641130affe18c.png</a></li></ol></footer></blockquote>

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Molly White (molly0xfff@hachyderm.io)'s status on Friday, 06-Dec-2024 08:48:36 JST Molly White
in reply to
Finally, crypto and other tech executives got to talking about “debanking” this week: the word they’re using for when their predatory fintech and crypto platforms are deemed too risky by banks (and not to be confused with actual discriminatory debanking).
#crypto #cryptocurrency
In conversationabout 2 months ago from hachyderm.iopermalink
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