• Biden’s associates have been accused of trying to ban crypto through an Obama-era initiative known as Operation Choke Point 2.0.
• Biden has been a hypocrite regarding crypto, collecting money from companies and then looking to impose regulations when the firm collapses.
• The U.S. government is attempting to cut off crypto businesses from banking services, which could leave exchanges unable to access the banking system entirely.
Biden Accused of Trying to Ban Crypto
President Biden and his administration are being accused of using an Obama-era program called Operation Choke Point 2.0 in order to ban cryptocurrency (crypto). This plan was designed with the intention of cutting off any “undesirable” industries from accessing banking services, which includes crypto, since it is currently not regulated by the federal government.
Biden’s Hypocrisy Surrounding BTC
Biden has been contradictory in his views on cryptocurrency since his campaign began, having accepted donations from companies like Sam Bankman-Fried and FTX while at the same time suggesting that regulation should be imposed when these firms collapsed without offering reparations for stolen funds back to their customers. Nic Carter – a partner at Castle Island Ventures – has spoken out against this hypocrisy and believes that these actions are similar to those taken during Obama’s term as president under Operation Choke Point 2.0 initiative. Carter also criticized The Federal Reserve’s decision to deny Custodia – a crypto bank – a seat at its table and expressed doubt that other monetary service companies such as Protego and Paxos will be granted permission either.
U.S Government Cracking Down on Crypto Industry
Carter stated plainly that the U..S government is using the banking sector organize a widespread crackdown against cryptocurrency businesses in order to prevent them from accessing banking services completely, which would include exchanges being unable to utilize the banking system too. Marcus Sotiriou – a market analyst at digital asset broker Global Block – shared his worry that such an action would put America at risk of losing out on technology advancements while allowing enemies of the nation gain competitive advantages over it in regards to blockchain technology revolution.
Consequences Of Banning Crypto
If President Biden’s associates were successful with their plans for banning crypto through Operation Choke Point 2.0, then it would likely have serious consequences for both individuals and businesses within America who rely on cryptocurrency investments or transactions for their livelihoods or wealth management strategies; this could mean complete loss of access to financial services due banks refusing business dealings with them as well as no chance for legal recourse if these decisions prove damaging for any parties involved in disputes regarding cryptocurrencies or projects related thereto .
Conclusion
It is yet unclear whether President Biden’s associates will succeed with their efforts in banning cryptocurrency through Operation Choke Point 2