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Bank CEO: Retract your debanking piece? Me: No

In December 2024, in response to the press/advocacy campaign by Marc Andreessen and other crypto advocates regarding a phenomenon they call debanking, I wrote Debanking (and Debunking?) in Bits about Money. That piece is the definitive explanation of the issue.

You completely fail to mention the exhaustive set of communications publicly coming from the regulators indicating clear guidance that crypto businesses are to be viewed as, quoting, “highly unlikely to be compatible with safe and sound banking practices”. We could not have, at the time of publishing the following, known that McCauley would request a retraction using this strategic conflation, pretending(a word we do not choose lightly) that advocates do not really care about bank supervision, and only want business checking accounts. We attempted to explain the source of all payments from our crypto clients were fully documented as a part of our robust KYC, AML, sanctions compliance, and other internal transaction monitoring and attribution processes, and that we would be willing to provide more information to their risk management team.

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