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VanEck Advisor Urges Policymakers To Crackdown On Banks For Anti-Crypto Crusade – Crypto News

Published

1 year ago

April 5, 2024

Dripp

In a recent development in the ongoing battle between the banking sector and crypto entities, Gabor Gurbacs, an advisor at Bitcoin ETF issuer VanEck, joined the fray. He called for action from policymakers against what they perceive as discriminatory practices by US banks. The catalyst for this call to arms was a statement by Caitlin Long, CEO and founder of Custodia Bank, which is engulfed in a legal fight against the Federal Reserve.

Gabor Gurbacs Calls Upon Policymakers

In a post on X, Long asserted that there is a concerted effort to “debank” fintech and crypto companies in the United States. Confirming Long’s claims, Gurbacs echoed her sentiments. He stated, “I can confirm as well that US banks are quietly de-platforming businesses that have anything to do with crypto, even services.”

Furthermore, drawing parallels to the controversial Operation Chokepoint, Gurbacs labeled the alleged actions as “Operation Chokepoint 2.0.” In a direct appeal to policymakers, the VanEck strategist urged figures such as Tom Emmer, Senator Cynthia Lummis, and Warren Davidson to investigate these actions publicly. He underscored the importance of holding both government agencies and banks accountable for discriminatory practices.

Moreover, Gurbacs asserted that “those behind discriminative bank account closures should be held responsible.” In addition, highlighting the potential legal consequences, the VanEck advisor referenced the FDIC’s 2019 Operation Chokepoint lawsuit settlement. He suggested that the purported actions by banks may violate this agreement.

In addition, the VanEck advisor emphasized that individuals and departments complicit in these actions “won’t get away with it.” Gurbacs concluded by echoing Long’s condemnation of the alleged actions. He reiterated that “force-closing bank accounts is discriminatory, illegal, wrong, and likely violates the FDIC’s 2019 Operation Chokepoint lawsuit settlement.”

Furthermore, he called on senators and congressmen to speak up against these practices. The VanEck strategist emphasized that “senators and congressmen should speak up for the people.”