Recent disclosures reported by COINOTAG News on June 24th highlight significant developments involving major U.S. banks and regulatory scrutiny over alleged “debanking” practices. According to sources cited by the Wall Street Journal, JPMorgan Chase, Citigroup, and Bank of America have addressed these allegations in discussions with Republican state officials. The Trump administration is reportedly contemplating an executive order aimed at regulating or curbing such practices, signaling increased governmental oversight in the financial sector.
In a related context, a16z co-founder Marc Andreessen revealed on a November 29th podcast that over the last four years, approximately 30 tech entrepreneurs experienced abrupt account closures by U.S. regulators without prior notification or justification. This lack of transparency and absence of appeal mechanisms underscores concerns about the exercise of unchecked regulatory authority, described by Andreessen as “pure, silent government power.”
The issue has attracted attention from prominent industry figures, including Elon Musk, Coinbase CEO Brian Armstrong, and Binance’s CZ, who have circulated related content to raise awareness. Armstrong has emphasized the importance of clarifying the legal grounds behind these actions to ensure accountability and protect the rights of affected individuals within the crypto and tech ecosystems.