Visa and Mastercard Received ‘Scrutiny’ Threats Over Libra Ties: Details

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As a seasoned analyst with a deep understanding of financial markets and political dynamics, I find the revelations surrounding Operation Chokepoint 2.0 deeply concerning. Having witnessed the fallout from regulatory overreach in various industries, I can’t help but feel a sense of deja vu.

As an analyst, I uncovered evidence that the repercussions of Operation Chokepoint 2.0 transcended the cryptocurrency sector, reaching tech behemoths such as Visa, Mastercard, and Stripe. This finding was made public through Balaji Srinivasan, a former CTO at Coinbase Exchange, who disclosed a letter sent by US legislators to these companies, advocating for their withdrawal from the Libra project supported by Meta. In a recent post on his platform, Balaji shared this screenshot of the letter as an act of transparency.

The Visa and Fintech Giants a Scrutiny Checks

Previously, Coingape shared information about U.S. Treasury Secretary Janet Yellen’s potential role in halting the Libra initiative, as suggested by David Marcus.

In support of the disclosure, Balaji posted a segment from a missive penned by Senators Brian Schatz and Sherrod Brown, which was addressed to major fintech companies. This letter suggested that they could expect increased examination, particularly for Visa and any payment service providers linked with the project.

As an analyst, I noted that the examination of seemingly unconnected actions could serve as a red flag for regulatory bodies, potentially leading them to devise alleged infractions and levy penalties until the targeted entities succumbed to the pressure.

The whole thing was lawless.

They were urging regulators to fabricate infractions from irrelevant actions, and levy penalties until the targeted entities gave in under the pressure.

And if Democrats did this publicly to Meta, imagine what they did privately to citizens.

— Balaji (@balajis) November 30, 2024

In the meantime, Terry Angelos, who used to be the Senior Vice President for Crypto & Fintech at Visa, verified the examination being conducted on the company. He mentioned that Democratic leaders sent comparable messages to the payment giant, which led to a reduction in Visa’s cryptocurrency endeavors.

This regulation by enforcement strategy marked the primary concerns crypto leaders have flagged in relation to the activities of the US SEC. Drawing on this, pro-crypto lawyer John Deaton has called for a probe on Operation Chokepoint 2.0.

Will Donald Trump End Operation Chokepoint 2.0?

On or before January 20th, Donald Trump is set to be sworn in as the President of the United States. In anticipation of his inauguration, numerous influential figures from various industries are advocating for a system overhaul.

The Department of Government Efficiency (D.O.G.E) has been put into action, with the President-elect designating Elon Musk and Vivek Ramaswamy as its leaders. Their mission continues to be enhancing efficiency within government departments.

Elon Musk has voiced worries about the disclosures connected to Operation Chokepoint 2.0, and it’s uncertain at this point whether the committee will actively probe these issues.

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2024-11-30 23:58