As a seasoned crypto investor with a keen eye for market trends and government policies, I find myself deeply concerned about the ongoing saga of Operation Chokepoint 2.0. The recent statements from tech founders like David Schwartz and Brian Armstrong resonate strongly with my own experiences in this dynamic and evolving industry.
David Schwartz, Ripple’s Chief Technical Officer, has recently joined other tech leaders in criticizing Operation Chokepoint 2.0 – a government initiative aimed at limiting access to banking services for cryptocurrency companies. In his statement, Schwartz expressed concern that the government is overly reliant on indirect regulation and provided four arguments as to why de-banking infringes upon legal principles.
As a researcher, I’ve come to understand that debanked entities often change service providers or conceal their funds clandestinely – a tactic that effectively circumvents surveillance and control mechanisms related to sanctions. This act, as further emphasized by the CTO, poses significant threats to due process, freedom of speech, and the right to be protected from unjustified searches and seizures. In Schwartz’s own words:
“Our government has become addicted to indirect regulation precisely because of these evils. It is cheaper and easier to pressure someone else to punish me than to charge me with a crime and give me due process, but the government ought not to punish people without giving them due process.”
“It is easier to pressure banks to cut off disfavored businesses than to make that business illegal,” The CTO continued before imploring the government to use lawful and above-board processes to regulate businesses.
Industry founders recount government debanking operation
As per the remarks made by venture capitalist Mark Andreesen, over thirty technology companies have reportedly been affected by Operation Chokepoint 2.0. These tech entrepreneurs have been actively voicing their debanking ordeals on various social media platforms.
Among the voices expressing their opinions on the matter, we find Sam Kazemian – the founder of Frax Finance – who asserted that his bank account with JPMorgan Chase was terminated in December 2022.
Brian Armstrong, who is both a co-founder and CEO at Coinbase, has requested government documents linked to Operation Chokepoint 2.0 under the Freedom of Information Act (FOIA). At present, he’s gathering and organizing those obtained records.
As a crypto investor reflecting back to September 2024, I can’t help but ponder over the revelation made by Castle Island Ventures partner Nic Carter regarding the demise of Silvergate Bank – a key player in the crypto banking sector. According to Carter, the Biden administration intentionally orchestrated the downfall of this institution as part of an aggressive strategy aimed at crippling the entire crypto industry. In his words, “I believe that despite its financial setbacks, Silvergate had the potential to recover and thrive.
As a researcher, I’m observing a positive outlook among industry leaders regarding the potential impact of the new Trump administration on the cryptocurrency sector. They anticipate a shift from past regulatory hostility towards a more favorable stance.
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2024-11-30 19:45