Crypto businesses have warned for months that the Biden administration is quietly moving to push them out of the U.S.

Now, with the collapse of three crypto-friendly banks, they say the evidence is piling up.

The Federal Reserve and other top regulators are cautioning banks about crypto’s risks. The SEC is threatening to sue the largest digital asset exchange. And White House officials recently questioned whether digital tokens had any “fundamental value.”

The $1 trillion crypto industry is going on the offensive against what executives say is an existential threat to “de-bank” digital asset businesses, mounting a lobbying campaign to oppose efforts to discourage lenders from taking them on as customers.

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