The Dypto Times

What do crypto bros, Muslim charities, and outspoken Republicans have in common? Not much. But that hasn’t stopped the Biden administration from debanking them. Don’t know what debanking is? You will.

There’s plenty of good news this week, though. But it’s important to remember that we can’t have sunshine and rainbows all day, every day. The industry still has a lot of hurdles and hoops that need a whole lotta jumpin’.

Enough chit-chat. Let’s get after it.

Table of Contents

• From the Dypto Crypto Newsroom

  • Is Bitcoin Price Stability Coming Sooner Than We T …

  • An Interview with Xermes from THENA Finance

  • US Appeals Court Rules OFAC Overstepped in Tornado …

• Meme of the Week

• Question of the Week

• Question of the Week Answer

• Deep Dive - The Debanking Debacle

• Closing Shenanigans

From the Dypto Crypto Newsroom

Is Bitcoin Price Stability Coming Sooner Than We Think?

TLDR

• Microstrategy is still leading the way as a leading Bitcoin holder.

• Tesla, Mara, and others are adding or thinking of adding BTC to their balance sheet.

• Multiple governments are looking at El Salvador’s success and considering an accumulation effort.

The ups and downs of Bitcoin prices have long defined the cryptocurrency market. For many new crypto users, the volatility can feel like riding a rollercoaster blindfolded. But could Bitcoin be maturing into a more stable asset sooner than expected? 

Recent developments suggest so — with some key players, including governments and corporations playing pivotal roles in this shift.

An Interview with Xermes from THENA Finance

The crypto space moves fast, but when a project steps into the limelight of Binance, people stop and pay attention. Recently, THENA Finance achieved this milestone with the listing of their token, THE, on one of the world’s largest centralized exchanges. 

We sat down with Xermes, Community Lead and Co-Founder, to discuss what this means for their project and where they’re headed to redefine Decentralized Finance. 

At Dypto Crypto, we don’t do interviews too often. Let us know if you would like to see more of these!

US Appeals Court Rules OFAC Overstepped in Tornado Cash Case

TLDR

• A US Appeals Court has overturned a ruling against Tornado Cash.

• They’ve ruled smart contracts are not property.

• Other aspects of the protocol could still be in play.

If you’ve been following the Tornado Cash saga, a new twist has emerged that could have major implications for crypto users. 

The U.S. Fifth Circuit Court of Appeals has ruled that the Treasury Department’s inclusion of Tornado Cash’s immutable smart contracts on its sanctions list was unlawful. Here’s what this means for you.

Meme of the Week

Source

Question of the Week

The Canadian government froze bank accounts of the protesting truckers and some of their supporters. Good thing that can’t happen in the good ‘ole US of A, right?

Question of the Week Answer

Wrong.

Deep Dive - The Debanking Debacle

Debanking. It’s a word you might not have heard before, but if you’re in the crypto space, it’s likely a term you know all too well. From founders to employees, and even businesses connected to cryptocurrencies, the number of people cut off from traditional banking services is growing — and it’s hitting closer to home than you might think. 

Marc Andreessen, co-founder of venture capital firm a16z, recently lit up the conversation on Joe Rogan’s podcast. Andreessen suggested that over the past four years, 30 crypto founders were “debanked,” meaning their access to financial services was abruptly cut off. 

Dypto Crypto did some digging. And as terrifying as this is and was for the crypto industry, it’s just the tip of the iceberg.

Crypto-related entities like Tornado Cash suffered sanctions, later overturned, and prominent figures like the Winklevoss twins revealed they’ve lost countless accounts due to their involvement in crypto. The trend, as highlighted by industry giants Andreessen and Jesse Powell of Kraken, is suffocating startups, restricting access to essential financial services, and impeding growth.

But it doesn’t stop at crypto. The debanking trend has expanded to include sectors and individuals far removed from blockchain. 

Outspoken Republicans, Muslims, Christian charities, and even figures like Melania Trump have been affected. Organizations like LaunchGood, a Muslim-focused crowdfunding platform, and various pro-life groups have also faced these challenges, with founders recounting harrowing experiences trying to resume operations. 

Critics argue these decisions lack nuance, disproportionately impacting people based on religion, politics, or perceived risks.

The consequences of being debanked are devastating. Without basic banking services, businesses cannot pay employees, collect revenue, or meet tax obligations — effectively halting operations. 

At its core, the controversy raises important questions about fairness, freedom, and government overreach. Should private banks have the authority to refuse services based on ideology or industries they deem risky? Recent legislation in states like Tennessee and Florida seeks to limit banks' consideration of factors like religion or politics, drawing criticism from the Treasury Department, which cited national security concerns. 

Read the full story at Dypto Crypto.

Closing Shenanigans

Thanks for reading. Dypto Crypto is a safe place where crypto newbies can learn and ask questions to help them make informed decisions in this exciting and volatile world. We’re having a lot of fun with YouTube shorts and TikTok. 

So check out those videos and some of our website's tools. Feel free to ask questions on our social platforms or the site. Thanks for subbing! We’ll see you next week. We hope you guys are enjoying the newsletter, and we’d appreciate some feedback. Feel free to reach out on social media and let us know how we did on the first try.