- In a plot twist that even Hollywood would deem too far-fetched, the Biden regime has reportedly banned DeFi founders from ever gracing the cryptosphere again.
- In a not-so-shocking development, a crypto VC is urging Congress to gather the victims for a riveting testimony. Spoiler alert: popcorn is required.
So, gather ’round, dear readers, because the Biden-era Security and Exchange Commission (SEC) and its sidekick, the Commodity Futures Trading Commission (CFTC), allegedly took it upon themselves to have a little chat with several poor DeFi founders. Spoiler alert: the conversation involved a sternly-worded ultimatum to never ever work in crypto again. In case you hadn’t guessed, things are getting serious—seriously ridiculous.
You see, this delightful little drama called crypto debanking or ‘Operation ChokePoint 2.0’—because who doesn’t love a good operation name?—is where the fun really begins. During this saga, our DeFi heroes were forced to sign a non-disparagement clause, which basically means they had to keep their lips zipped tighter than a can of soda on a rollercoaster.
Now, Joey Krug, an astute crypto VC partner at Founders Fund, brought this delightful bit of news to light during the ETH Denver conference. He recounted,
“The government went to DeFi founders and told them: you have to do a settlement with us, and in many cases sign a thing that said you’ll never work in crypto again.”
Ah, the classic ‘don’t let the door hit you on the way out’ strategy, but with a government seal of approval.
It gets better! It seems that the founders were even threatened with jail time for daring to disagree with these terms—mind you, none had actually broken any laws. Because who needs the legal system when you’ve got civil agencies doling out justice like candy? Krug elaborated:
“These agencies [CFTC, SEC] would go to founders and tell them if they disagree with their terms, they would go to jail. They are civil agencies, but none of these matters were referred to the DoJ.”
Ah, subtlety isn’t really their strong suit, is it? Krug, being the voice of reason amid this comedy of errors, suggested that Congress might want to invite these unfortunate souls to testify before they start handing out new badges to all the ‘heroes’ involved in this saga.
But there’s a glimmer of hope, folks! Krug is apparently optimistic about the SEC under Trump’s stewardship—yes, that’s right; the same guy who once floated a weather balloon about selling Greenland. The new ‘pro-crypto’ agency has kicked off some regulatory rollbacks, making it safer to dive back into the crypto waters—like the warm embrace of a much warmer swimming pool. Much better than the chilly waters of the current, high-stakes SEC pool.
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2025-03-01 01:14