What is ‘debanking’ and why are Marc Andreesen and Silicon Valley talking about it?
Claims of debanking first gained traction during the Biden administration, as the government intensified its crackdown on the crypto industry.
Venture capitalist Marc Andreessen’s recent appearance on the Joe Rogan Experience podcast introduced many to the concept of debanking. In essence, this is when bank accounts get closed by the bank rather than the customer. However, during the podcast the tech billionaire described debanking as a “privatized sanctions regime” targeting unpopular political groups, notably, conservatives and crypto and fintech founders, turning the talking point into a political cudgel.