As a seasoned researcher with over two decades of experience in the financial sector and a keen interest in digital assets, I find myself deeply concerned about the ongoing tussle between the crypto industry and the US government, particularly under the potential leadership of Vice President Kamala Harris.
In simpler terms, Tyler Winklevoss, co-founder of Gemini, has accused Kamala Harris, the U.S. Vice President and Democratic presidential nominee, of misrepresenting the Biden administration’s stance on cryptocurrency. This allegation comes after a series of discussions surrounding cryptocurrency in the lead-up to the U.S. elections where it has emerged as a significant topic of debate.
Operation Choke Point 2.0 Still On, Fed To Go Full Berserk If Harris Wins: Winklevoss
In an X post on Friday, Tyler Winklevoss asserted that the suspected “Operation Choke Point 2.0”, a perceived active move by the current US government to de-bank the crypto industry and cripple the digital asset space, is still operational.
As an analyst, I’m sharing a recent development in the cryptocurrency landscape: Tyler Winklevoss, co-founder of Gemini, has bolstered his assertions with a regulatory action taken by the U.S. Federal Reserve against crypto-friendly Customers Bank. Contrary to some prevailing opinions, this current administration, including Vice President Kamala Harris, is not shifting its position on cryptocurrencies, as previously thought, remaining steadfast in its stance, if not leaning slightly pro-crypto.
Today, the Federal Reserve has made it clear that Operation Choke Point 2.0 continues to be actively enforced, offering insights into its mechanics, and debunking the legitimacy of Harris’ crypto “reset” as a scam. The Fed disclosed these details in a 13-page enforcement action published this morning against…
— Tyler Winklevoss (@tyler) August 9, 2024
As per a court order revealed on Friday, the Federal Reserve (Fed) found significant issues in Customer Bank’s risk management systems and breaches of U.S. anti-money laundering regulations. Interestingly, Winklevoss points out that these problems and infractions were not specifically mentioned in the order. Instead, what Customer Bank must now do is give a 30-day heads-up to the Apex Bank before interacting with any digital asset company.
Tyler Winklevoss argues that this penalty infringes upon the freedom of banks to choose their own clients, likening it to a “stranglehold” or “squeeze” tactic, as he believes they should not be required to obtain federal approval before deciding which companies to work with.
The Gemini Co-founder said:
The original authority to decide whether or not to provide banking services to a company has been dispersed among all banks. However, that power has now been consolidated by the Federal Reserve, meaning they will make these decisions independently. Essentially, we’ve reached a point where one entity controls this decision-making process – a Monopoly Point has been established.
As a long-time observer of financial markets and government policies, I find myself increasingly concerned about the current state of affairs. Winklevoss’ recent statement that the Federal Reserve is “playing nice with Nerf guns” strikes me as an apt metaphor for what I see as a dangerous complacency in our economic system.
A Vote For Kamala Harris Is A Vote Against Crypto – Cardano CEO
In a response to Tyler Winklevoss’ post, Charles Hoskinson (the founder and CEO of Cardano) has expressed his view that supporting Kamala Harris for President could harm the crypto industry. Like Winklevoss, Hoskinson believes the current Biden-Harris administration is not backing away from its stance against cryptocurrencies.
Intriguingly, it seems that these advancements transpired post my attendance at a gathering of White House officials and influential figures within the cryptosphere, including billionaire Mark Cuban, Ripple CEO Garlinghouse, among others. The purpose of this meeting was to alleviate the existing friction between us and establish policies that will be conducive for future crypto growth.
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2024-08-11 00:12