VanEck Advisor Calls for Policy Crackdown on Banks in Anti-Crypto Campaign

Gabor Gurbacs, an advisor at VanEck, a Bitcoin ETF issuer has called on policymakers to address what he perceives as discriminatory actions by US banks against fintech and crypto companies in recent times. Gurbacs voice is coming in support of an earlier sentiment expressed by Caitlin Long, CEO and founder of Custodia Bank.

VanEck Advisor Alleges Discrimination by Covert Forces

In an X post, Gurbacs charged policymakers to act decisively against banks and government agencies that are promoting prejudicial agenda against cryptocurrency and fintech, alleging that clandestine forces were at work against the community.

I urge policymakers to crackdown not just on banks but the government agencies that are pushing an illegal, unconstitutional and discriminatory anti-crypto and fintech agenda. People didn’t sign up for this and there are rogue elements at work.https://t.co/FEy9pvpVGY

— Gabor Gurbacs (@gaborgurbacs) April 5, 2024

Anthony Scaramucci, prominent investor and entrepreneur, had expressed similar sentiments of a hostile attack on crypto by entrenched interests after the court ruling.

According to Gurbacs, “I urge policymakers to crackdown not just on banks but the government agencies that are pushing an illegal, unconstitutional and discriminatory anti-crypto and fintech agenda. People didn’t sign up for this and there are rogue elements at work.”

Drawing Parallels with Operation Chokepoint

Gurbacs post on X was ignited by Long’s assertion of a systematic effort to “debank” fintech and crypto firms in the US. This allegation resonated with Gurbacs, who corroborated her claims by revealing that US banks are discreetly cutting ties with businesses associated with cryptocurrency, even for legitimate services.

He went further to draw a parallel to the controversial Operation Chokepoint, labelling the alleged actions as “Operation Chokepoint 2.0”. Gurbacs charged policymakers, including prominent figures like Senator Tom Emmer, Senator Cynthia Lummis, and Warren Davidson, to conduct an investigation and publicly address these practices.

The VanEck advisor harped on accountability stating that those involved in discriminatory bank account closures should be held responsible and maintained that they “won’t get away with it.” He suggests that the alleged actions by banks violate the FDIC’s 2019 settlement agreement related to Operation Chokepoint.

Is there Unequal Treatment?

The background of this outcry includes a legal battle between Custodia Bank and the Federal Reserve. Custodia Bank had challenged the Federal Reserve’s denial of its master account application. Despite initial doubts raised by Justice Scott Skavdahl about the Fed’s authority in such matters, the final ruling sided with the Federal Reserve, basing it on the regulator’s discretion in granting master account access and the potential risks of unlimited access.

Although Custodia Bank remains resolute to pursue its vision of secure technological banking despite the legal setback, the broader crypto community, including Gurbacs are concerned over seemingly unequal treatment and access to banking services. Hence, stakeholders are calling for regulatory scrutiny and intervention to ensure fair treatment for all businesses operating within the crypto space.