U.S. Bank Mysteriously Drops Crypto Firm Anchorage Digital

An unnamed U.S. bank has reportedly abruptly terminated its banking services with crypto firm Anchorage Digital, according to the company's CEO. The sudden move has raised concerns about potential "de-banking" efforts within the digital asset industry.

Anchorage Digital CEO Nathan McCauley revealed the incident to CNBC, stating that the bank, which he did not name, had been a partner for several years before suddenly closing the company's account. McCauley described the situation as "ridiculous," noting that the bank's decision came without any explanation.

The CEO mentioned that the bank cut off Anchorage Digital's services in June 2023, coinciding with widespread reports of "Choke Point 2.0" – a coordinated effort by the government to shut down the crypto industry. McCauley expressed concern for smaller entrepreneurs who may not have the resources to maintain their bank accounts in the face of such actions.

In response to these developments, U.S. Senator Cynthia Lummis (R-WY) has called on the Federal Deposit Insurance Corporation (FDIC) to secure materials potentially related to the government's alleged efforts to de-bank crypto firms. In a letter to FDIC chair Marty Gruenberg, Lummis cited whistleblower claims that the deposit insurer is destroying materials linked to its digital asset activities.

The senator criticized the FDIC's alleged efforts to destroy and conceal materials related to Operation Choke Point 2.0, stating that such actions are unacceptable and illegal. Lummis threatened swift criminal referrals to the U.S. Department of Justice if it is discovered that anyone within the FDIC has knowingly destroyed materials or sought to obstruct the oversight functions of the Senate.