So, picture this: the US Securities and Exchange Commission, led by the ever-so-charming Gary Gensler, decided to play a little game of “let’s ruin some lives” with DeFi founders. According to Joey Krug from Founders Fund, they basically said, “Hey, you want to keep your freedom? Sign this little paper and promise to never work in crypto again!” 😬
Krug, who was probably sweating bullets on stage at ETHDenver, revealed that the government was all like, “You have to settle with us, or else!” And just when you thought it couldn’t get worse, they added a delightful non-disparagement clause. Because who doesn’t love a good gag order? 🤐
Now, this juicy tidbit adds to the conspiracy theory known as “Operation Chokepoint 2.0.” Apparently, the Biden administration is trying to pull the plug on the crypto industry by pressuring banks to ghost these firms. Talk about a dramatic exit! 🎭
“These agencies would basically go to the founders, and they would say, ‘Hey, if you don’t agree to this, you’re just going to end up in jail.’”
Krug mentioned that while these civil agencies can’t just throw people in jail without the Department of Justice’s blessing, they haven’t referred any cases yet. And guess what? None of these founders actually broke the law! Shocking, I know! 🙄
At first, Krug was like, “Nah, that can’t be true,” but then some unnamed founders showed him their agreements. Surprise, surprise! They had clauses saying they could never work in crypto again and couldn’t spill the tea about it. 🍵
“It was just a crazy, crazy administrative state that got really out of control.”
And the SEC? They were too busy to comment. Classic! Since 1972, they’ve had this “gag rule” in their settlements, which Commissioner Hester Peirce says totally undermines regulatory integrity. But hey, who needs integrity when you have power? 💁♀️
Krug also pointed out that the only way DeFi founders could chat about their settlements is if Congress calls them in for a little testimony. And let’s be real, there are plenty of founders who would love to air their grievances if given the chance. “The government really screwed us over!” they’d shout! 📢
Oh, and just this month, the Federal Deposit Insurance Corporation dropped nearly 800 pages of “pause letters” to banks about their crypto services. Because why not add more drama to the mix? 🎬
Both the US House and Senate held hearings on crypto debanking in early February, where crypto execs shared their horror stories about trying to access financial services under the Biden administration. It’s like a bad reality show, but with more paperwork! 📄
Additional reporting by Turner Wright.
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2025-02-28 05:45