Bitcoin Businesses Face Debanking Threat and Regulatory Overreach
- Wyoming company debanked by Mercury, a banking platform, without clear cause
- Debanking is part of a systemic effort to suppress Bitcoin businesses
- Regulators exploit centralized banking choke points to isolate Bitcoin from traditional financial system
- Debanking stifles innovation and undermines fairness in financial services
- Congress must launch investigations, hold regulators accountable, restore due process, and pass legislation to protect financial access
- Custodia Bank offers a template for other institutions to resist regulatory pressure and provide reliable financial services
Summary :
A Wyoming company recently had its bank account terminated by Mercury, a banking platform operated with Evolve Bank, without clear cause. The company's only potential offense was accepting a significant portion of customer payments in Bitcoin. This termination is part of a larger effort to suppress Bitcoin businesses by exploiting centralized banking choke points. This echoes Operation Chokepoint 1.0, where federal regulators pressured banks to cut off services to lawful but disfavored industries. Debanking is not just an inconvenience, but an existential threat to businesses. It sends a chilling message and stifles innovation. Congress must launch investigations into regulatory overreach, hold regulators accountable, restore due process, and pass legislation to protect financial access. Bitcoin exists as a hedge against this kind of overreach, and policymakers should embrace its growth. The SAFER Banking Act and institutions like Custodia Bank offer potential solutions to combat financial discrimination. Bitcoiners are on the frontline of freedom, and it is crucial to expose and dismantle Chokepoint 2.0 while holding those involved accountable.
Sources :
- Bitcoinmagazine
