Brian Armstrong, CEO of Coinbase, asserts that Massachusetts Senator Elizabeth Warren and SEC Chair Gary Gensler are attempting to dismantle the crypto industry. Armstrong expressed his concerns through social media, suggesting that the actions of Warren and Gensler could be illegal and detrimental to the sector.
Armstrong’s Claims
Armstrong claims that Warren and Gensler are working illegally to destroy the entire industry, which he believes may significantly contribute to the Democratic Party’s electoral losses. He stated, “Warren and Gensler tried to illegally destroy our industry, and this played a significant role in the Democrats losing elections. The Democratic Party should realize that Warren is a burden and should distance itself if it hopes to rebuild.”
“Warren and Gensler, have been trying to illegally destroy our industry and this played a significant role in the Democrats losing elections. The Democratic Party should realize that Warren is a burden and should distance itself if it hopes to rebuild.”
Opinions of Other Crypto Leaders
Marc Andreessen, co-founder of Andreessen Horowitz (a16z), noted that more than 30 founders have been denied banking services over the past four years. Armstrong supported these claims, indicating that Warren played a role in this situation.
“I can confirm this. It was one of the most unethical and un-American actions during the Biden administration, and I assume Elizabeth Warren has her fingerprints on it.”
Jesse Powell, co-founder of Kraken, mentioned that the Choke Point 2.0 operation aimed at disrupting the crypto industry has been underway for the past four years. He pointed out that newly established banks perceived as crypto-friendly have been denied services unlawfully.
Jameson Lopp, founder of Bitcoin 
$0.000059 security provider Casa, reported that Casa has also been deprived of banking services. Similarly, Sam Kazemian, founder of Frax Finance, and Tyler Winklevoss, co-founder of Gemini, both noted they had been cut off from banking services.
Winklevoss said, “Yes. I was cut off from banking services due to my connection to the crypto industry, and Gemini was also affected. This number likely exceeds 30, even within the a16z portfolio. Additionally, several banks serving crypto companies have been unfairly shut down. This behavior is entirely illegal and harmful.”
Conclusion
Crypto industry leaders are voicing their concerns about the U.S. government’s restrictions on banking services for crypto companies. These developments could intensify discussions regarding the future and regulation of the crypto sector. The denial of financial access to crypto companies may impact the industry’s growth and innovation.
