To make things more confusing, the venture capitalist blamed this mysterious phenomenon for the death of NFTs.
In essence, its financial cancel culturea means by which banks can exclude companies that have been deemed undesirable.
Many people claim the banks are doing this at thebehest of federal regulators.
© Jonathan Alcorn/Bloomberg via Getty Images
Concrete examples of debanking are numerous, though sometimes people have a good reason for being debanked.
Saxe described his experience of being financially blacklisted as like hell, claiming that his company was progressively debanked.
Andreessen Horowitz currentlycounts a long list of DeFi startupsas core parts of its portfolio.
Thats why we supported Trump, Andreessen told the podcast host.
We just cant live in this world.
First, banks refusing to open accounts for people or organizations is not a new phenomenon.
Banks are very much allowed to do that.
This is something that many critics of debanking will openly admit.
More evidence of this argument was platformed ina recent Fortune articlepenned by two notable crypto industry proponents.
Indeed, Carter and Campbell cite government documents that openly state as much.
Indeed, late 2022 was characterized by over a dozen major bankruptcies in the crypto industry.
The crypto industry may not have much reason to cry over this phenomenon for much longer, however.
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