This crypto exec on Joe Rogan's podcast explains how a friend of his got "de-banked" by the SEC, with no possible recourse or means of appeal.

Apparently, Biden's admin has been waging war against the crypto industry for 4 years to protect big banks.

The de-banking process illustrated and explained in this X thread. Click through to read. Informative if you have interest.

Gab has been debunked by many, many places.

Even when they explain what the company does, confirm that it’s not a problem for the bank to do business with them in advance, shortly after they open their account, their money got frozen and they lost access to anything until it gets slowly sorted out.

https://threadreaderapp.com/thread/18617...19752.html

(11-30-2024 09:17 AM)Todor Wrote:  Gab has been debunked by many, many places.

Even when they explain what the company does, confirm that it’s not a problem for the bank to do business with them in advance, shortly after they open their account, their money got frozen and they lost access to anything until it gets slowly sorted out.

https://threadreaderapp.com/thread/18617...19752.html

Debanked, not debunked.

Anyway, it's interesting that Trump discontinued the practice when he took office in 2017, and Biden reinstated it when he took office in 2021.

The problem with the fed gov is it has lots of ways to repress political opponents, and it's difficult for the targeted businesses to get out from under it. The dude on Rogan said most of his friends who were attacked finally just went out of business and into another business that didn't attract so much attention.

Another reason the fed needs to be reduced to as small as possible. Absolute power corrupts absolutely.

Sounds like a great opportunity to start a conservative only bank.

(11-30-2024 10:03 AM)Bear Catlett Wrote:  Sounds like a great opportunity to start a conservative only bank.

The problem is the feds can put regulatory pressure on that bank to do its bidding. Particularly if it's a small startup.

We do here

(11-30-2024 11:02 AM)shere khan Wrote:  We do here

Most of us. I can name a few exceptions.

When discussing the debanking of crypto entrepreneurs and Trump supporters, it's important to mention the contrasting treatment of the Biden family.

Six major banks, including JPMorgan, Bank of America, and Wells Fargo, filed over 170 Suspicious Activity Reports (SARs) with the Treasury Department regarding the Biden family, alleging their involvement in money laundering, human trafficking, and tax fraud.

The banks also flagged wire transfers sent to the Bidens from foreign state-owned entities, raising concerns about money laundering and tax evasion.

Investigations revealed that these foreign funds were funneled through 20 shell companies associated with Biden business partners before being distributed to nine Biden family members, including grandchildren.

Despite this, to my knowledge, not a single member of the Biden family has been debanked. For ordinary Americans, even a few SARs would likely result in debanking. Additionally, none of the Bidens registered under the Foreign Agent Registration Act (FARA), as would typically be required in such circumstances.

Meanwhile, hundreds of cryptocurrency entrepreneurs and Trump supporters—including Melania and Barron Trump—have been debanked.

Just as the establishment weaponizes the U.S. dollar against foreign adversaries, it uses debanking as a weapon against its domestic opponents.
https://x.com/KanekoaTheGreat/status/186...5133156580

Barron Trump, mother were denied bank accounts due to 'cancel mob,' Melania says in new memoir

Quote:In her new memoir, Melania, former First Lady Melania Trump wrote that cancel culture targeted her and her son Barron after leaving the White House, resulting in the termination of her long-time bank account and Barron being denied the ability to open a new one.

Published last month, the book details what Melania described as the “venom of cancel culture” and its impact on her personal and professional life. She alleged that the financial institution's decision to sever ties came within weeks of her husband, Donald Trump, leaving office in 2021.

“I was shocked and dismayed to learn that my long-time bank decided to terminate my account and deny my son the opportunity to open a new one,” she wrote. “This decision appeared to be rooted in political discrimination, raising serious concerns about civil rights violations.”

“It is troubling to see financial services withheld based on political affiliation,” Melania added.

Although Melania did not disclose the name of the bank, she also accused the broader “cancel mob” of obstructing her efforts to pursue charitable initiatives and business ventures. She referenced her work with Fostering the Future, a program aimed at supporting foster children, as an example. According to Melania, a “leading tech-education company” withdrew its partnership with the charity once her involvement became public knowledge.

“The ‘cancel mob’ now includes corporations, traditional media, influential social media figures, and cultural institutions,” the former first lady wrote. “This disheartening trend reflects the current socio-political landscape in the United States.”

“The cancellation continues — an attitude by businesses both big and small that never ceases to surprise me,” she continued.

“It is ironic that my business acumen is criticized, while other former government officials receive praise for similar endeavors, such as security multimillion-dollar media deals. This disparity can only be explained by biases related to my last name and political affiliation,” Melania added.

The American government is evil when a Democrat President is in charge?

Well NFS, Sherlock. The Democrats and their leftist cohorts want to kill 76 million Americans to get their Communist Dystopia.

If the banks that I do business with did that to the Trump family I would take out every penny I had with them. So far not.

For those who aren't familiar, Dinesh is a conservative author, commentator and filmmaker:

(11-30-2024 01:41 PM)andybible1995 Wrote:  The American government is evil when a Democrat President is in charge?

Well NFS, Sherlock. The Democrats and their leftist cohorts want to kill 76 million Americans to get their Communist Dystopia.

I'm pretty sure it was a shock to Elon Musk, who was QUOTED in the OP.

I'm thinking he has never been debanked, lol.

(11-30-2024 03:37 PM)TripleA Wrote:  

(11-30-2024 01:41 PM)andybible1995 Wrote:  The American government is evil when a Democrat President is in charge?

Well NFS, Sherlock. The Democrats and their leftist cohorts want to kill 76 million Americans to get their Communist Dystopia.

I'm pretty sure it was a shock to Elon Musk, who was QUOTED in the OP.

I'm thinking he has never been debanked, lol.

Not yet anyway.

And yet GAB continues to survive and even prosper.

We need a "Consumer's Bill of Rights" that prevents things like this.

I wonder how many people they've gone after like this that we know nothing about.

Throughout my career there was always a list of business types we were forbidden from banking. It was always under the guise of “credit risk”. I once made the argument to the head of commercial banking of a very large regional bank - isn’t making the assumption that every company in sector A is bad the same as making the argument that every company in sector B is good? Just like we wouldn’t, by default, be willing to lend money to every company just because they are in sector B, isn’t it just as illogical to say we are not willing to lend money to any company in sector A?

I thought it was a rational, logical argument as there are many ways to mitigate risk. He looked at me (mind you this was a meeting with maybe 40 people in it) and said “that’s a great argument. what part of we don’t lend money to companies in sector A was to hard for you to understand?”

My last year in banking, 2021, there was growing pressure to cut ties with fossil fuel companies. I assumed it was because the risk profile was higher with stated Biden policy creating uncertainty. Maybe it was more than that.