PANews reported on November 28 that a16z co-founder Marc Andreessen recently revealed on the Joe Rogan show that at least 30 tech founders had their cards cut off by banks without warning because of their association with cryptocurrencies. This phenomenon has sparked heated discussions in the crypto community, with many industry insiders sharing their own or their companies' experiences of being rejected by banks.
Caitlin Long, founder of Custodia Bank, revealed that her company had been cut off from credit cards many times and is currently suing the Federal Reserve. The case will be debated on January 21, 2025. Jesse Powell, founder of Kraken, said that the company had been unable to obtain US banking services for many years and had to turn to the European market. Tyler Winklevoss, co-founder of Gemini, pointed out that the number of affected companies in a16z's investment portfolio far exceeded 30, and said that the "card cut-off" phenomenon has caused a systemic suppression of the crypto industry.
Tradehill founder Jered Kenna shared that due to his crypto-related business, he was refused to open or close accounts by many banks, which even affected the banking services of other partner companies. In this regard, technology entrepreneur Balaji Srinivasan bluntly stated that this "card-cutting" action against the crypto industry is the result of political pressure, and called for accountability for relevant policymakers.
