Trump’s Meme Coin Under Fire!

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Oh joy, Texas Rep. Al Green, the guy who probably thinks VHS is high-tech, laid into President Trump’s “deregulatory pro-crypto agenda” and his flashy memecoin. 🤷‍♂️

On Feb. 6, during a hearing that felt like a never-ending soap opera, Rep. Green, a Democrat, basically said, “Hold up!” to the Republicans claiming Biden’s team had a secret plan to mess with crypto. He called Operation Choke Point 2.0 a “fake program, never initiated.” Sounds like a plot from a bad TV show, right? 📺

Rep. Green, playing the role of detective, said the FDIC and regulators just gave banks a heads-up about crypto risks, not a direct order to shut it down. Shayna Olesiuk, a banking policy expert, backed him up.Spoiler alert: It’s not debanking!

And guess what? Green hinted that maybe, just maybe, we should all take a closer look at Trump’s memecoin, which launched before he even took office. Jan. 17, anyone? The chair folks, Dan Meuser and French Hill, didn’t say a peep about the TRUMP coin. 🤫

‘Regulation by Exhaustion,’ Says Coinbase CLO

The hearing was like a crypto support group for execs feeling left out by traditional banks. Coinbase, the star of the show, revealed the FDIC told banks to “pause” crypto activities in 2022. Plot twist!

Paul Grewal, Coinbase’s legal eagle, called the government’s approach “regulation by exhaustion.” He accused the FDIC of playing a game of deception, saying crypto firms deserve the same banking love as others. Sounds like a drama series, doesn’t it? 🎭

Grewal complained about the endless questions banks faced if they even thought about crypto. It’s like a bad date with questions that never end! 💬

This Feb. 6 hearing was the opening act of the oversight subcommittee in the 119th Congress, led by Republicans. The Senate Banking Committee had a similar chat on Feb. 5 about debanking. Because why have one hearing when you can have two? 🎤

And in a bonus episode on Feb. 5, Rep. Green called for Trump’s impeachment over Gaza Strip policies. But as of now, no impeachment papers in sight. Stay tuned for the next episode! 📚

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2025-02-07 00:19