The information about the government’s fight against the crypto industry was originally shared by Marc Andriessen of Andreessen Horowitz. He visited Joe Rogan’s podcast where he bluntly stated that US President Joe Biden’s administration is using financial exclusion as a weapon.

According to him, about thirty top blockchain entrepreneurs have lost access to banks in the last four years.

Andreessen Horowitz co-founder Mark Andriessen

The topic has been picked up by others in the coin niche. As it became clear thanks to their additions, in reality, many more people were cut off from banks, and all this was done in the dark and through the use of unofficial channels of communication.

As the co-founder of crypto exchange Gemini Cameron Winklevoss noted, there were more than ten such cases in his company alone, including a similar situation with his brother.

How the authorities are fighting crypto

It was possible to learn about the details of the actions of the U.S. government thanks to the current litigation between representatives of the crypto industry and the Federal Deposit Insurance Corporation (FDIC). It turns out that this very agency was engaged in unofficial influence on banks, which were forced to stop co-operation with cryptocompanies.


Note that banks have such a right, as they are private businesses and are able to choose the clients with whom they cooperate. Therefore, the government representatives probably hoped that such a thing would not arouse suspicion. However, when such cases became widespread, it became obvious that someone was behind them.


According to Cointelegraph, the documents were released by the United States District Court for the District of Columbia. They confirm that officials at the Federal Deposit Insurance Corporation sent so-called “suspension letters” to banks whose names were withheld.

The letters were sent in 2022. In them, FDIC officials demanded that “all activity related to the cryptocurrency industry be suspended” amid uncertainty about the regulation of the field and the rules for their operation.

Here is a quote on the matter.

We urge you to suspend all activity related to cryptoassets. The FDIC will notify all banks under its supervision at a later date once a decision has been made on the requirements for their involvement in activities around cryptoassets, including the need for regulatory filings.

Here is the relevant letter that provided that guidance. As mentioned, the address here is hidden, but we are surely talking about top US banks.

Letter from FDIC representatives to the bank sent to stop co-operation with cryptocurrency companies


It's important to note that the lack of clear rules to regulate the crypto industry is a credit to the Securities Commission. Its current chairman, Gary Gensler, has been repeatedly asked to provide new rules to transparently regulate the coin sphere, but he recommended following the Securities Act from the first half of the last century.

In retrospect, one can surmise that the two events were related. That is, regulators did not want to ensure transparency in cryptocurrency companies, and other agencies used the condition as an excuse to stop banks from servicing them.


The publication was commented on by the general counsel of the crypto exchange Coinbase Paul Grewal. According to him, the documents confirm the fact that the authorities are directly fighting the niche of digital assets. Here is the rejoinder that Coindesk quotes.

The emails prove that this was not a conspiracy theory at all, not just idle speculation or musings of a paranoid industry. This was a deliberate plan on the part of the Federal Deposit Insurance Corporation that they implemented without any hesitation to take away a legitimate American banking industry. And it should make everyone think seriously.

Coinbase General Counsel Paul Grewal

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The documents show that some banks agreed to the proposed terms before the interaction even began, meaning that cryptocurrency companies were trivially unable to find a bank to conduct financial transactions. In other cases, FDIC representatives warned banks against further expansion of already existing cooperation or explicitly asked to suspend it until the agency completes its review of the relevant request.

Here’s another example of an appeal in which the shadow of a threat can be seen.

We expect you to respond appropriately to these and any follow-up questions (prior to implementation) to ensure the safe and secure operation of the bank.

More importantly, some of the letters indicated that FDIC management was basically unsure what documents would be required for banks to work with blockchain companies. In other words, the prospects for such a thing were initially dubious.

According to Grewal, next, representatives of the crypto industry will demand the original versions of the letters without redaction under the Freedom of Information Act. In this way, it will be possible to find out which banks were contacted by the FDIC representatives and which services were required to be terminated.

Grewal continues.

Even after the federal courts have repeatedly ordered the FDIC to provide this information, they continue to stall. We believe it is time to end this.

U.S. President Joe Biden


The development of the situation clearly shows that the struggle of the US authorities with the coin industry was not a fiction. It seems that it was clearly supervised by the administration of President Joe Biden and supplemented by the actions of the Securities Commission. Surely someone has to answer for this.


Come on over to our crypto chat room. There we’ll discuss the progress of the current bullrun in the coin industry and try to make a proper buck on it.

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