• Biden and his associates are accused of using an Obama-era program to ban crypto called Operation Choke Point 2.0.
• Biden has been a hypocrite when it comes to crypto, collecting money from companies like FTX and then swearing to impose regulations on them after the firm collapsed without paying back funds.
• The US government is utilizing banking sector to crackdown on the crypto industry, which could result in businesses being unbanked, stablecoins stranded and exchanges unable to access banking services.
Biden Accused Of Trying To Ban Crypto
Biden and his nation-hating associates have been accused of secretly trying to ban crypto through an Obama-era initiative known as Operation Choke Point 2.0. The plan was designed to cut off any “undesirable” industries from banking services including unregulated crypto by the federal government.
Biden’s Hypocrisy Around Crypto
Biden has been hypocritical when it comes to cryptocurrency from day one. He and his constituents collected tons of money from men like Sam Bankman-Fried while at the same time vowing to implement tight regulations on cryptocurrency after the firm collapsed without returning funds that were likely stolen from people. Nic Carter – a partner at Castle Island Ventures – wrote in a statement that some in the crypto space believe this attempt is similar to an Obama-era program termed Operation Choke Point 2.0.
Fed Decision To Deny Banks Access To Cryptocurrency
Carter also criticized the recent decision initiated by the Fed preventing Custodia – a cryptocurrency bank – from gaining access seat at its table as well as not allowing Protego or Paxos – two additional monetary service providers for cryptocurrency – permission either. Marcus Sotiriou – a market analyst at digital asset broker Global Block – said that such decision would be detrimental for United States as it would prevent them getting ahead technology-wise giving other countries including enemies huge competitive advantages over them instead.
The Impact Of Banning Crypto
If this attempt is successful, it could result in businesses being unbanked, stablecoins being stranded and exchanges unable to access banking services, meaning they will be shut off completely from the banking system entirely according to Carter’s statement. This would drastically slow down innovation within US borders giving foreign countries better chances of succeeding with advances in blockchain technology leaving US behind in technological revolution according Sotiriou’s opinion on subject matter.
It appears that Biden may be attempting through various methods such as Operation Choke Point 2.0 and regulation decisions made by Federal Reserve board members banning cryptocurrencies altogether within United States depriving citizens access new technologies based on blockchains limiting their ability keep up globally with technological race which could eventually lead US economy falling behind foreign competitors if attempts are successful