Corporate America’s Dirty Trick
5th March 2025
UnHerd.
The venture capitalist Marc Andreessen is one of the most forthright individuals in Silicon Valley. Yet even this billionaire maintains that his fellow elites have been muzzled. Interviewed by Joe Rogan last November, Marc Andreessen said that many of his fellow tech entrepreneurs had been debanked by the Biden administration. The Obama administration, he said, had taken such action against marijuana businesses, escorts and gun shops; Biden’s, he said, pursued tech founders, preventing them from receiving payments, making them, or buying insurance. “This is one of the reasons why we ended up supporting Trump,” he told Rogan.
Debanking is when a bank closes an account in order to censor or punish the customer for political or religious views. The banks, in these cases, are typically responding to ideological pressure or to perceived reputational risk. As you might imagine, anger over debanking rapidly merged with concerns shared by crypto companies, which have also contended with access issues to traditional banking. One CEO shared a letter in which the bank Chase said it was closing his company’s account.
The complaints about debanking were echoed and amplified by Donald Trump. His wife, Melania, claims that she herself was debanked. More broadly, the MAGA movement has ample experience of being booted off social media platforms. The matter of tech debanking, therefore, has been rolled into existing MAGA complaints. By this account, the US government has restricted freedom of expression via several coercive means.