Crypto and Trump gang up on FDIC over debanking: ‘Our story is pretty ridiculous’
A US Postal Service worker outside a Signature Bank branch in the Brooklyn borough of New York, US, on Wednesday, March 15, 2023.
Angus Mordant | Bloomberg | Getty Images
Anchorage Digital CEO Nathan McCauley wants everyone to know what happened to his crypto company in 2023 during the Biden administration.
“Our story is pretty ridiculous,” McCauley told CNBC in an interview after testifying at a Senate hearing, titled, “Investigating the Real Impacts of Debanking in America,” earlier this month. “We had a bank that we had a growing relationship with for a number of years, who basically on a dime, decided to turn off our bank account.”
No explanation. No warning. After two years working with the bank, access was cut off. He didn’t name the bank and an Anchorage spokesperson said the company is declining to provide it.
McCauley’s peers across the crypto industry have shared similar sagas about being locked out of the U.S. financial system, losing access to payroll, checking accounts and payment processing. Industry leaders call it “Operation Choke Point 2.0,” an alleged coordinated effort by regulators during the Biden presidency to pressure banks into severing ties with crypto. The 1.0 version, they say, occurred when the Obama administration went after banks that backed gun manufacturers and payday lenders.
With the word “debanking,” crypto execs and investors have found immediate allies among top Republicans in both houses of Congress and in the White House, who are ready and willing to investigate any potential malfeasance that occurred when Democrats were in charge.
President Donald Trump has coopted the agenda for political gain. At the World Economic Forum in Davos, Switzerland, last month, he accused JPMorgan Chase and Bank of America of politically motivated debanking, claiming major financial institutions have shut out conservatives under pressure from regulators. The banks denied the claim and Trump hasn’t provided any evidence to back it up.
Sen. Rick Scott (R-Fla.) has tied himself closely to Trump and, as chairman of the Senate Banking Committee, used his opening remarks at the hearing on Feb. 5, to echo the president’s sentiment.
“It is incredibly alarming and disheartening to hear stories about financial institutions cutting off services to digital asset firms, political figures, and conservative-aligned businesses and individuals,” Scott said.
Nathan McCauley, co-founder and chief executive officer of Anchorage Digital Bank, during a Senate Banking, Housing, and Urban Affairs Committee hearing in Washington, DC, US, on Wednesday, Feb. 5, 2025.
Stefani Reynolds | Bloomberg | Getty Images
For crypto industry leaders like McCauley, Republican leadership in Washington has provided a platform to publicly air their grievances.
McCauley, whose company is a federally chartered crypto bank, recounted Anchorage’s abrupt loss of banking services in June 2023. He said that while his company has faced numerous challenges, the environment has been even worse for less-established startups.
“You can only imagine what was happening to the smaller entrepreneurs who didn’t have the resources to be able to marshal in order to keep their bank accounts open,” McCauley told CNBC.
In his testimony to Scott’s committee, McCauley said that after losing access to its banking services, Anchorage had to lay off 20% of its workforce, including 70 U.S. employees. To this day, clients are unable “to send wire transfers to third parties,” he said.
The high-profile hearings so early in Trump’s second administration underscore the sudden influence of the crypto industry, which was instrumental in getting its favored candidates elected across the country in November.
Crypto exchange Coinbase was one of the top corporate donors in the 2024 election cycle, giving more than $75 million to a group called Fairshake and its affiliate PACs, including a fresh pledge of $25 million to support the pro-crypto super PAC in the 2026 midterms. Ripple doled out around around $50 million.
Coinbase and Ripple were both involved in protracted legal battles with the SEC under former Chairman Gary Gensler.
Returning the favor
Trump is paying them back in a variety of ways.
His executive order on crypto promises “fair and open access” to financial services. And Trump appointed venture capitalist David Sacks, a longtime ally of Elon Musk, as the White House’s first AI and crypto czar.
Meanwhile, the SEC has already signaled a rollback of rules that previously kept banks from holding bitcoin on their balance sheets, and the FDIC is under pressure to revise guidelines that made it harder for banks to serve digital asset companies.
Coinbase Chief Legal Officer Paul Grewal testified before the House Financial Services Committee on Feb. 6, along with Fred Thiel, CEO of bitcoin miner MARA Holdings. In a hearing titled “Operation Choke Point 2.0: The Biden Administration’s Efforts to Put Crypto in the Crosshairs,” they described aggressive pressure from U.S. regulators to effectively push banks to cut ties with crypto firms.
“No one wants to see anyone denied basic banking services on the basis of their political views or whether they happen to work in an industry that might be out of favor with the current administration,” Grewal told CNBC. “There are concerns across the political aisle and across the Congress that banking services have in the past been weaponized in order to run roughshod over those who may be out of favor.”
The FDIC last week released hundreds of pages of internal records obtained through Freedom of Information Act (FOIA) requests. The documents show that the regulator sent “pause letters,” urging banks to rethink their relationships with crypto clients.
Nic Carter, founder of Castle Island Ventures, has spent months chronicling revelations in the Choke Point investigation. He said the FDIC records show that banks were being pressured to avoid crypto clients even in the absence of clear laws.
“Ultimately, the smoking gun is the communications between the regulators and the banks themselves,” Carter said
As part of its probe, the House committee is investigating claims that bank executives and financial regulators secretly blacklisted crypto firms.
Thiel, in his testimony, said that the “discriminatory banking and financial policies threaten the digital asset ecosystem” and that “banks and payment processors are effectively deciding which industries can exist and grow within the U.S. economy.”
Closure of Silvergate, Signature
Among the Choke Point incidents that most caught the ire of crypto investors were the forced closures of Silvergate Bank and Signature Bank in 2023, following the meltdown at Sam Bankman Fried’s FTX months earlier. Silvergate and Signature were the leading FDIC-insured banks for crypto firms.
Silvergate Capital, the bank’s parent, acknowledged in its bankruptcy filing last year that there had been a “rapid contraction” of it business in early 2023, but said it had “stabilized” and was able to “meet regulatory capital requirements” and “had the capability to continue to serve its customers.”
Silivergate attributed its insolvency to “increased supervisory pressure on Silvergate and other banks focused on servicing crypto-asset businesses.”
Signature Bank was seized by regulators in March 2023. Former Democratic Congressman Barney Frank, a Signature board member, claimed that the FDIC shut it down specifically “to send a very strong anti-crypto message.” The FDIC arranged a sale of Signature’s assets, excluding $4 billion in crypto-related deposits.
Mike Lempres, who was chairman of Silvergate and previously spent two years as Coinbase’s legal chief, wrote in an opinion piece in the Wall Street Journal this week that the “federal government is finally changing course after four years of vilifying cryptocurrencies and using legally dubious policies to force companies to bend to its will.”
While the crypto industry at large is rallying around that message, many in Congress are focused on making the case that banks were targeting conservatives for their political views. Carter said lawmakers are trying to reach a wider audience because “most regular folks don’t care about crypto.”
“I think this was a political choice made by the folks in Congress and the administration that are going after debanking, was to tack on the conservative stuff as well,” Carter said. “So it became an issue with a much broader appeal.”
For Trump, there’s more to gain from crypto than just political points. There’s potentially lots of money involved.
Before he was even back in office, Trump and First Lady Melania Trump had already launched meme coins that instantly added billions of dollars in paper value to the family’s net worth, in addition to the tens of millions of dollars the projects earned in trading fees.
A week into his term, Trump launched Truth.Fi, a financial arm of Trump Media, promising ETFs, cryptocurrency investments, and “Patriot Economy” assets — all custodied with $250 million at Charles Schwab.
Musk, meanwhile is at the center of the Trump administration and has his own project underway. He’s positioning his social media platform X as an alternative online bank, enabling users to move funds between traditional bank accounts and their digital wallets to make instant peer-to-peer payments.
The good vibes are being expressed across the industry.
“it’s a brand new day for crypto in America,” said David Marcus, the former head of crypto at Meta and current CEO of infrastructure startup Lightspark, in an interview with CNBC’s “Squawk Box” last week. What’s happening under Trump, he said, is “quite a polarity flip of atmosphere and energy for our entire industry.”
WATCH: Lightspark CEO David Marcus on the new era for crypto
The first all-new compact Mopar since the malaise-era K-Car, the Dodge Neon was a revelation. Its fun, approachable face, its “Hi.” marketing campaign, all of it was pitch-perfect for the uncertain times it was launched into. Now, a generation later, Stellantis faces similarly uncertain times – and a new Neon could go a long way towards helping the old Chrysler Co. do what it does best: come back from the brink.
If they wanted to, Stellantis could make it happen tomorrow.
Today, Stellantis is in trouble. Much like it was in the early 90s, the company is hemorrhaging cash, fighting with the unions, and struggling to sell higher-end cars. Today as then, what the company needs is an affordable, simple new car to get people in the showrooms – and in 1994, that new car was the Neon.
In the mid-late 1990s, the Dodge Neon was everywhere. It was affordable, fun to drive, and more or less reliable. It was also economical and fuel-efficient, but it wasn’t that way. It was sold as a fun, smiling face with funky round lights. In R/T and ACR spec, it was sold as an even more fun, smiling face, and offered serious performance chops that still get the grizzled Gen X guys at the SCCA/NASA track days excited.
Stellantis is selling a car right now, today, that meets all that criteria. It’s the right size, it’s reasonably affordable, and it’s got the right tech – available as both a PHEV and a pure EV – for its time.
It’s even got some funky round lights!
Lancia Ypsilon HF
| Spec | SOHC Neon | DOHC Neon | Hybrid Y | EV Y | HF Y |
|---|---|---|---|---|---|
| Wheelbase (mm) | 2642 | 2642 | 2675 | 2675 | 2675 |
| Overall Length (mm) | 4366 | 4366 | 4080 | 4080 | 4080 |
| Engine Size (L) | 2.0 | 2.0 | 1.2 | NA | NA |
| HP | 132–136 | 150 | 100 | 156 | 280 |
| TQ (lb-ft) | 129–133 | 133 | 129 | 192 | 255 |
| 0–60 mph (s) | 7.6–8.5 | 7.6 | 9.3 | 8.2 | 5.6 |
| MPG (comb.)/EV range | 28 | 28 | ~50 | 425 km | 370 km |
As you can see from the specs, above, the first-gen Neon is pretty close in terms of size and performance, with the modern Ypsilon offering significantly improved emissions, technology, and safety upgrades compared to the OG Neon, which didn’t even offer anti-lock brakes (ABS) as standard on its base or Highline models (it was standard on the Sport and, later, R/T trims).
There’s even a modern allegory for the ultra track-focused ACR version of the Neon, which shipped with its adjustable suspension, anti-sway bars, disc brakes, and close-ratio transmission. That’s the Lancia Ypsilon HF, a 280 HP sporty compact EV that made its debut last week and originally inspired this article.
Check out the original launch ad for the 1995 Plymouth Neon, below, and tell me they couldn’t do a shot-for-shot remake with a rebadged Ypsilon and make it immediately relevant to car buyers in 1995 in the comments.
Plymouth Neon launch commercial from 1994
Original content from Electrek.
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Faraday Future unveiled its upcoming FX Super One MPV on Thursday, which appears to be a rebadged Great Wall Motors Way Gaoshan.
Which brings us to the question: is this how we might see more Chinese EVs make their way to the US?
The EV market in China has grown rapidly in recent years, not just in terms of total sales and revenues for its largest companies, but also in terms of the hundreds of EV companies vying to survive the current highly competitive market there.
But despite massively rising EV sales in the country, EV production is still scaling even faster. This has led to a price war within China due to this glut of cars, and also to Chinese companies seeking more buyers overseas.
These affordable EVs have been shipped around the globe, leading to rapidly rising EV sales in Europe and in the “rest of the world” – though, as of yet, not really in the US. Due to excessive tariffs, the US has made itself into an island where few Chinese EVs are allowed.
The ones that have made their way into the US are those built by Western brands that were bought up by a Chinese conglomerate, like Volvo and Polestar under parent company Geely. Some of their models are assembled in Chinese factories, but most of the ones making their way to the US are built in European or US factories (largely due to the domestic sourcing efforts in Biden’s Inflation Reduction Act, creating millions of US jobs which republicans are currently doing their best to send back to China).
BYD has also put out feelers about building a factory in Mexico, but those plans are on pause, ironically because BYD doesn’t want its technology to be stolen by the US (put that one on for some perspective about how far we have fallen behind on EVs, fellow Americans).
But we haven’t yet seen the kind of Chinese EV that the rest of the world is getting – one of those many eye-openingly cheap numbers that could finally bring true affordability to the US market (or bring it back, that is).
That’s due to tariffs, and it’s intentional. There are various arguments given for tariffs’ existence, but they boil down to: the US can’t make cars as cheap as China, and wants to protect its auto industry, and therefore making Chinese EVs more expensive will forestall their entry into the US while we try to get better at making them. I personally find these explanations wanting and consider these tariffs unwise (and they have only gotten more unwise).
But in a world where these tariffs exist, and depending highly on what final form they take, companies will look for ways to minimize their exposure to them and to still bring cars into the US. Much of the EV industry is sourced through China (again, one of the issues the Inflation Reduction Act tried to remedy), so parts will have tariffs on them, in various amounts.
This is where I speculate that the Faraday Future FX Super One could come in. At last night’s unveiling event, it became quite clear that the car is strikingly similar to the Great Wall Motors Wey Gaoshan.
This similarity is not coincidental – Faraday told us that it is working with “a Tier 1 Chinese automotive supplier,” one that we have heard of, to build the FX Super One. That supplier will send stamped bodies to Faraday’s US factory in Hanford, CA, where Faraday will take care of the final assembly.
Faraday didn’t let us take pictures of the interior, even from the outside, but what we saw of the interior on a short ride around the parking lot looked quite similar to the interior of a Wey Gaoshan, just with different controls (for example, the the pull-out fridge in the bottom of this photo is identical to the one I saw in the FX Super One).
Faraday said the interior hasn’t been finalized yet, but also said that it thinks it can have 100-150 cars built by the end of the year. Which is less than half a year away, for a company that has to date built 16 cars (though those it built on its own). So there’s not a lot of time for further changes at this rate.
So, here we have a company that intends to sell a car in the US, much of which originated in China. This seems like it would run afoul of tariffs.
But, depending on how (or if…) these tariffs get edited or finalized, they might be much lower for parts and/or for vehicles that undergo final assembly in the US. So Faraday might be able to get away with importing something very similar to a GWM, doing enough to it here to qualify its way past tariffs, and getting it on the market at a price that doesn’t incorporate the however-many-hundred-percent the US has ridiculously decided to tack on this week.
Faraday also mentioned during its presentations about the FX Super One that it has a US-based software team, which has been at work for some time.
The software in Faraday’s previous vehicle, the FF91, is pretty good, despite being such a low volume vehicle. And it’s gotten much better between the first time I sat in it and when I had a short demo this month of Faraday’s newly-upgraded voice recognition system (now supporting 50+ languages) and swipe gestures for setting volume and HVAC.
We didn’t get to interact with the software on the FX Super One at all, but we would be cautiously optimistic about it based on prior showings.
But more importantly for the purposes of this article, Faraday’s software team is based in the US. And given current US threats to ban any and all Chinese software from vehicles, this too would allow Faraday to swap out some chips and memory cards and make a car perfectly legal from a US perspective.
So it’s possible that Faraday is on to something here, and has found a reasonable way to get Chinese EVs into America, while complying with US law, and while giving the company a much easier way to increase its scale than trying to get numbers up for the slow-growing FF91 project. Faraday does not have the resources to build out mass market manufacturing currently, so this is another option.
Now… this is no $11k Dolphin Seagull, the Wey Gaoshan starts in the mid-$40k range in China, and is considered a luxury model. And here in the US, Faraday is positioning the car as a premium model as well, though hasn’t yet announced pricing or really gotten its messaging straight on whether it’s a mass market vehicle or a VIP/Cadillac Escalade competitor.
But if this is Faraday’s plan, and if the plan works, it could give the US a taste of the EVs that the rest of the world is getting access to, and could show a potential way of getting those cars across the border. There are both pros (competition good, cheaper prices good) and cons (race to the bottom for manufacturing, loss of important American industry) for the US auto market here, so you’ll have to decide which side of that equation you land on, but this could be a harbinger of one way cars from the now-biggest auto exporting country in the world could make their way out into markets that have exhibited hostility to that idea.
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Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.
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Environment
Review: The tech-forward Meepo Go electric skateboard is a smooth, speedy ride for all [Video]
![Review: The tech-forward Meepo Go electric skateboard is a smooth, speedy ride for all [Video]](https://i0.wp.com/electrek.co/wp-content/uploads/sites/3/2025/07/Meepo-skateboard-hero.jpg?resize=1200,628&quality=82&strip=all&ssl=1)
Scooter here, back with another electric mobility review. This time, I tested out the Meepo Go electric skateboard. It is a sturdy, smooth deck designed for riders of all sizes, with some unique tech I had never encountered before. Be sure to check out my full video review below.
The Meepo Go is a versatile skateboard built for everyone
The Go electric skateboard from Meepo comes in one standard design. It usually has an MSRP of $699, but it is currently on sale for $569, so now is an excellent time to buy.
Features at a glance:
- Bamboo and fiberglass deck provides durability, flexibility, and stability, suitable for heavier riders over 200 lbs.
- Impact-resistant plates and a scratch-resistant underside.
- Dual belt drive 1500 watt stator 4230 motors
- 12s2p 345.6WH/8AH battery with flame-retardant and water-resistant protection
- JK-FOC24B Electronic Speed Controller (ESC)
- Offers smooth, jerk-free acceleration with customizable speed and braking settings
- Four-speed modes:
- L: 12 mph (20 km/h)
- E: 20 mph (32 km/h)
- S/S+: 28 mph (45 km/h) (S+ adds faster acceleration)
- Adjustable braking intensity
- Top Speed 28 mph (45 km/h)
- Range: Up to 20 miles (32 km)
- Incline capabilities: 30%
- 2-year warranty
Electrek‘s take
Meepo is an exciting electric skateboard manufacturer whose goal is to make this particular form of travel accessible to anyone and help reduce carbon emissions. You know we love that.
The company has built hundreds of thousands of electric boards, all of which are rigorously tested and constantly revamped for better quality and efficiency. For my first-ever encounter with Meepo, I was sent its Go electric skateboard – a sort of all-in-one deck designed to support heavier riders.
I didn’t realize this was a heavy rider board until I read its description on the website. I don’t think that was the reason Meepo recommended this one, but it’s nice to know I wouldn’t have to worry about breaking the Go for being too heavy (I’m only 200 pounds right now, okay?).
The unboxing was incredibly simple. You first unwrap your shiny new, assembled Meepo Go deck, complete with wheels, trucks, motors, and battery. Below that is some instructions, a charger with cables, a couple of adjustment tools, plus two extra motor belts.
Last but not least is Meepo’s J6S ergonomic remote. According to Meepo, the remote’s upgraded control logic allows riders to double-click to change speed modes, reducing accidental toggles, and can stay connected to the board at a max range of 46 meters.
My full haul is pictured above and in the video below. Zero assembly is required; simply plug and play. The Meepo Go electric skateboard can recharge when fully drained in four hours.
Aside from its sturdy design, thanks to a Bamboo and fiberglass deck, I found the Meepo Go quite aesthetically pleasing. I liked its unique grip tape design and carved-out handle for easier carrying (see below).
Once the Meepo skateboard was fully charged, it was time to power up and take it out for a first spin. My initial impression was just how smooth a ride the Go is, thanks in part to its wheels, which Meepo recently revamped to enable better wet-weather traction and anti-slip capabilities.
The trucks initially took some getting used to as they are 45-degree as opposed to 50-degree on traditional configurations, but once I got used to the difference, I felt much more stable at high speeds and making sharp turns. Meepo also provided a truck tool to tighten or loosen your configuration to your preferences.
The Meepo Go’s dual 4230 brushless motors combine for a total output of 3,000 watts, offering a top speed of up to 28 mph or 45 km/h. While that’s pretty damn fast for an electric skateboard, Meepo said “not so fast” to new riders for their own safety.
Go riders must travel 10 km (6.2 miles) in the lower two “L” and “E” speed modes to unlock the S and S+ modes, which allow the 28 mph top speed and higher acceleration. S mode was honestly too fast for my liking, but it was nice to know I had those speed capabilities whenever I’m feeling saucy. The truth is, at my age and skill level, I’m beyond satisfied cruising and carving around 20 mph.
Luckily, the Meepo Go electric skateboard delivers both speed options and then some.
The Meepo Go also allows you to customize its braking intensity from 0% to 100%. This is a feature I had never personally seen on an electric skateboard that genuinely impressed me. It just adds to the overall smoothness this deck provides on all levels.
As mentioned in the key features above, the Go’s dual motors are powered by an eight-amp-hour battery, which enables an all-electric range of up to 20 miles or 32 km.
Aside from speeds nearing 30 mph, you really feel the Meepo Go’s capability on hills. It was configured to tackle 15-degree (30%) inclines with ease, and having tested it, it’s true.
What may be most impressive about this particular Meepo skateboard is its advanced JKFOC-24B electronic skate controller (ESC), which is essentially the brain of the entire powertrain.
The ESC delivers smooth acceleration with no jerking or lag. It also enables full user customization of acceleration, top speed, and braking sensitivity, so once you get comfortable, you can tailor every aspect of your riding experience to your liking. This is another super cool feature that was new to me personally.
Overall, the Meepo Go is smooth, powerful, and very tech-forward. With more than enough speed, I truly enjoyed the lag-free cruising and carving of the 45-degree trucks and the ease of use of its ergonomic remote.
I was genuinely impressed by the tech used to customize this skateboard, enabling anyone to customize their ride. As such, I’d highly recommend the Meepo Go because of its feel, utility, and universal rideability for virtually everyone, not to mention its competitive pricing.
If you’d like to try out the Meepo Go electric skateboard for yourself, click here. Be sure to check out my full video review below.
Buy a Meepo Go Electric Skateboard
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