His argument seems to boil down to a the financial regulator equivalent of the trolley problem.
In Operation Choke Point, the regulators were actively moving the lever to debank morally repentant industries. In "Operation Choke Point 2.0", the complex system of regulatory guidelines and actors seemingly self-coordinates to debank crypto, and the failure of anyone to intercede is painted as a willful neglect. Those on the regulator side say, "I didn't do anything", and those on the crypto side say, "you have every power to do something".
The point is that Operation Choke Point was an actual operation, but Operation Choke Point 2.0 is not; it’s just a label that someone started using to try to generate sympathy for their private business goals.
And a smart reader should recognize the difference and adjust their reaction accordingly.
Seems to me that what Andreessen was really mad about was the CFPB forcing his portfolio companies that committed consumer fraud to return money to their customers. He also lied about the CFPB doing debanking, they don’t have that power.
While debanking may be a problem, there’s a false populism in these disingenuous VCs, pretending that their troubles are the same as everyone else. These guys want to operate in grey areas that enable laundering, illegal gambling, buying/selling contraband, and straight up rug pulls, and not be subject to any risk or oversight.
In Operation Choke Point, the regulators were actively moving the lever to debank morally repentant industries. In "Operation Choke Point 2.0", the complex system of regulatory guidelines and actors seemingly self-coordinates to debank crypto, and the failure of anyone to intercede is painted as a willful neglect. Those on the regulator side say, "I didn't do anything", and those on the crypto side say, "you have every power to do something".