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Armstrong blamed Gensler and Warren for harming crypto, contributing to election losses.Around 30 tech founders allegedly lost banking access.He confirmed the claims of debanking and reveals ongoing efforts to uncover details through FOIA requests.Coinbase CEO Brian Armstrong has once again criticized US Securities and Exchange Commission (SEC) Chairman Gary Gensler and Senator Elizabeth Warren, accusing them of engaging in what he described as some of the most unethical and un-American activities in the Biden administration. He argued that their actions contributed significantly to the Democrats’ loss in the last election.
Armstrong expressed these views on his official page while reacting to a post by Elon Musk. The post, a rhetorical question, asked users if they were aware that thirty tech founders had been secretly debanked by the Biden administration. Expanding on this, Armstrong explained how actions taken by the SEC chair and Senator Warren negatively impacted the crypto industry. He alleged that both officials attempted to dismantle the industry unlawfully.
He further claimed that these actions were a major factor in Vice President Kamala Harris’s loss in the election. Armstrong warned that if the Democrats aim to rebuild, they need to recognize Warren as a significant liability to their party and distance themselves from her. He wrote:
“Warren and Gensler tried to unlawfully kill our entire industry, and it was a major factor in the Dems losing the election. The Democratic party should realize Warren is a liability and further distance themselves if they want to have any hope of rebuilding.”
Debanking Controversy Escalates as Armstrong Challenges Regulatory Actions
The issue of debanking was initially raised by Marc Andreessen, the founder of the Mosaic web browser, who stated that around 30 tech founders have reportedly been denied banking services — possibly due to their involvement in tech and crypto industries. Armstrong confirmed the accuracy of these claims and noted ongoing efforts to gather evidence through Freedom of Information Act (FOIA) requests to uncover details about the alleged actions and potential legal violations.
Many in the crypto sector perceive Warren and Gensler as strong opponents of the industry. Warren has advocated for strict regulations, citing concerns about customer protection. However, critics argue that her regulatory approach risks stifling innovation and discouraging young entrepreneurs and tech startups. Armstrong suggested that Warren might have played a major role in the debanking controversy, potentially without President Biden’s knowledge.
Brian’s post drew many comments, including one from a crypto commentator who called debanking and lawfare un-American, evil, and in need of an end. The last election saw many pro-crypto candidates secure seats, boosting optimism within the industry about a more favorable environment under newly elected President Donald Trump.
In one of his speeches, Trump advised crypto holders to refrain from selling their Bitcoin. He also promised to ensure his administration keeps 100% of the Bitcoin it currently has and the ones it will acquire in the future. Trump has vowed to fire the SEC chair on his first day in office. However, Gensler has decided to resign as SEC chairman by January 20, 2025.
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Temitope is a writer with more than four years of experience writing across various niches. He has a special interest in the fintech and blockchain spaces and enjoy writing articles in those areas. He holds bachelor's and master's degrees in linguistics. When not writing, he trades forex and plays video games.
