ConsenSys Survives Two Strikes from Operation Chokepoint, CEO Joe Lubin Shares Insights

• ConsenSys CEO Joe Lubin revealed how the company survived Operation Chokepoint 2.0.
• ConsenSys’ banking partner resisted closing its account until the pressure became unavoidable.
• Crypto de-banking concerns have reached Congress, with industry leaders calling for investigations into the crackdown.

ConsenSys, the Ethereum-focused software company, has been a victim of U.S. authorities’ pressure to de-bank crypto-related businesses not once but twice. Despite these challenges, founder and CEO Joe Lubin reveals how the company managed to withstand the attacks with significant help from its banking partner.

Surviving “Chokepoint 2.0”: Multiple Bank Accounts

Notably, Operation Chokepoint 2.0 launched during President Biden’s administration. It targeted the crypto industry with efforts to remove them from the financial system, especially by pressuring banks to shut down crypto business accounts. (Operation Chokepoint 2.0 is a term used by some in the crypto industry to describe alleged government pressure on banks to cut ties with crypto businesses.)

Lubin shared in an interview that ConsenSys weathered the storm by having multiple backup accounts, ensuring …

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