I used to respect patio11's opinions, and obviously he has a lot of valuable knowledge and there are things to learn from him, but some of his takes on crypto have led me to heavily discount his writings on the topic.

On the face of it, this writeup is reasonable.

I'm a crypto founder, and I struggle with banking. We've had two banking applications rejected in Singapore.

Here's the thing: we're not doing anything remotely like what Patrick describes. I think he strawmans a lot.

We're a crypto-focused IT consultancy, but closely affiliated with an upcoming blockchain. The business is set up to be super boring: we bill the client for work and that's it. The company doesn't handle a token, doesn't get revenue from onchain activities, ... The blockchain in question is not anymore risky than any other and in many ways less. Not that the banks know or ass.

They just say "you're rejected and we can't tell you why".

Now this is Singapore, not the US. It's not a targeted plan but just general policies: "crypto is potentially bothersome for us, let's not bother". In the meantime we don't have a bank account. Though I do believe US attitudes and (lack of) regulation probably impact these policies a fair deal.