States versus Bitcoin – Legislators, regulators and central bankers seem to have coordinated to carry out a warwhich can be described as total, against Bitcoin (BTC) and cryptocurrencies. And it’s not just European Union where they try to kill the crypto sector. Indeed, the UNITED STATES are also conducting a great offensive against crypto-assets. Charles Hoskinsonthe founder of the project Cardano (ADA), denounces the violent attack of this “Operation Choke Point 2.0”.
Operation Choke Point 2.0: a body of evidence showing the will to harm Bitcoin
While the banking sector is in full collapse after the disaster the bankruptcy of Silicon Valley Bank (SVB)is the Bitcoin and cryptocurrencies that the United States attack each other. It’s the law firm Cooper & Kirk which denounces, very methodically and in a sourced way, this abuse of authority against cryptos from financial regulators.
Lawyers refer to theOperation Choke Point conducted (already illegitimately) from the year 2012 against business sectors that resented regulators and President Obama’s (federal) central administration. These latter have “conspired to suffocate and strangle” businesses though “law-abiding” (doesn’t that remind you of something today?).
These are thus no less than 30 sectors of activityas pawnbrokers (pawn shops), payday lenders (payday lenders) or gunsmith who have been harassed when they wanted to be law-abiding. How ? By making it more difficult for them to open a bank account, deposit checks… All this for restrict their access to the banking system (Are you sure that still doesn’t remind you of anything?).
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The founder of Cardano denounces these “regulatory abuses”
It is therefore a big again what seems to lead the regulators and the administration of Joe Biden in this Operation Choke Point 2.0 against the crypto-asset sector. Take a look at these hostile actions to convince you more:
- The prudential banking regulators publish a informal note warning the banks ” risks “ that they encourage to take on crypto-companies as clients.
- Banks feel under pressure, pushed to refuse to accept new clients linked to cryptocurrencies, and to give up existing customers in the industry.
- Arbitrary closure of banks that serve cryptocurrencies (highly controversial Signature Bank case).
- Federal banking regulators refuse to charter banks that serve the crypto-asset industry.
Charles Hoskinsonco-founder ofEthereum (ETH) and founder of Cardano (ADA), denounces these abuses brought to light by Cooper & Kirk, in a video published on March 29, 2023:
” [Cooper & Kirk] have meticulously documented what is happening against cryptos, and that what is happening is unconstitutional. (…) This is an abuse of regulation. (…) [Les régulateurs] dispossess the American Congress of its power, and appropriate it. (…)”
I’Joe Biden’s offensive against cryptosaided by the financial regulators he has appointed, is therefore cohosh and obvious to all. Cryptosphere players and enthusiasts just have to stand side by side, weldedto face this war which is carried out to them. Let’s make sure, like the businesses that suffered the first Operation Choke Point under the Obama administration, survive this ordeal.
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