US VP Candidate Accused of Fake Crypto Reset: What it Means for the Industry
If Tyler Winklevoss is to be believed, the purported “Operation Choke Point 2.0” by the US government to sideline the crypto industry remains active. This revelation sheds light on the stance of the Biden administration and the Democratic Party towards digital assets, particularly in the lead-up to the upcoming elections. Here’s what you need to know:
Warnings of Continued Crackdown on Crypto by US Federal Reserve
Tyler Winklevoss, co-founder of Gemini, recently highlighted the ongoing efforts of what he coins as “Operation Choke Point 2.0”, suggesting a sustained assault on the crypto sector by authorities. In a Twitter post, he pointed out:
- The Fed’s enforcement action against Customers Bank, a crypto-friendly entity, confirms the persistence of anti-crypto measures.
- Claims of a Harris-led reset appear to be misleading, reflecting a deeper-rooted skepticism towards the industry.
Fed’s Official Confirmation of Operation Choke Point 2.0
A recent court order published by the Federal Reserve has brought to light several issues in the risk management systems of Customers Bank, coupled with violations of anti-money laundering regulations. Contrary to expectations of a shift in policy, the Fed’s directive mandates heightened scrutiny on the bank’s dealings with digital asset entities.
- Deficiencies and violations at Customers Bank have triggered a requirement for prior notification to the Fed before transactions with crypto entities.
- Winklevoss condemns this move, arguing for decentralization in banking decisions rather than centralized control by regulatory bodies.
Forewarning of Intensified Regulatory Measures
As Tyler Winklevoss posits, the current actions by the Fed may just be the tip of the iceberg, suggesting a more aggressive approach if Kamala Harris assumes office post-election. The looming threat of a fully-fledged Operation Choke Point 2.0 could spell trouble for the crypto space.
Cardano CEO Speaks Out Against Crypto-Unfriendly Policies
Building on Winklevoss’ concerns, Charles Hoskinson of Cardano has echoed similar sentiments regarding the perceived anti-crypto stance of the Biden-Harris administration. Hoskinson warns against supporting Harris, indicating potential setbacks for the industry.
- Hoskinson’s remarks align with Winklevoss’ claims, signaling a unified front against policies that hinder crypto innovation.
Industry Leaders Confront White House on Crypto Policies
Recent discussions between White House officials and prominent figures in the crypto sphere, including Mark Cuban and Brad Garlinghouse, aimed to address tensions and potentially pave the way for more favorable regulatory frameworks. Despite these efforts, the persisting skepticism within the government remains a cause for concern.
Hot Take: What Does This Mean for Crypto?
In light of the escalating tensions between the crypto industry and regulatory authorities, the accusations leveled against Kamala Harris and the Biden administration underscore a deep-rooted mistrust towards digital assets. While attempts are being made to bridge the gap between stakeholders, the looming threat of intensified regulatory actions poses a significant challenge to the industry’s growth and stability.
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