Nathan McCauley, CEO of Anchorage Digital, testifies before the Senate Banking Committee about the controversial practice of 'debanking', where crypto companies and other businesses are cut off from banking services. He argues that this practice, allegedly driven by pressure from federal regulators, operates through a 'shadowy and democratically unaccountable process' and harms legitimate businesses and the US economy.
Nathan McCauley is CEO Anchorage Digital, an institutional crypto platform. He testifies as a witness before the Senate Banking Committee in today’s hearing: "Investigating the Real Impacts of Debanking in America.". The term refers to a controversial practice where crypto companies and other businesses have been cut off from banking services, allegedly due to pressure from federal regulators.
Here's what it looked like for us: in June 2023, we received an urgent call from our bank of two and a half years.
Regulators' actions amounted to a de facto ban on banking the crypto industry, made even more destructive by its seemingly arbitrary enforcement — no one knew why some firms retained access while others were cut off, creating a climate of constant uncertainty. To be clear, if regulators had enacted such a major policy decision through proper channels, like formal notice-and-comment rulemaking, that would be one thing.
Finance Technology Policy DEBANKING REGULATORS BANKING CRYPTOCURRENCY CONGRESS
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