"I know many individuals and companies who have been similarly targeted simply for working in the crypto industry. Thanks for making it a personal"
However, Chase's official support Twitter account responded to Adams' tweet, stating that "it sounds like you've had a less than ideal experience, and we want to know where you are coming from." They requested him to provide his name, zip code, and any other information he wished to disclose in a private message.
Former Commodity Futures Trading Commission commissioner and an American financial manager, Brian Quintenz, called the move:
"a shadow de-banking of crypto [by the Federal Reserve or the Office of the Comptroller of the Currency examiners] with direction from the top ... If the examiner told a bank that a certain customer is too risky and the bank ended that relationship, the bank is contractually prevented from telling that customer why."
Quintenz also cited an article by Cynthia Lummis, a pro-Bitcoin (BTC) American senator, which claimed that the Fed was deliberately holding back crypto adoption.
"They canceled the bank account of someone featured in page 1 of the WSJ last year saying he was coming after the banking system to disrupt them," said Jim Bianco, president of investment analysis firm, Bianco Research.