Operation Chokepoint 2.0: Charles Hoskinson Says It’s Worse Than Imagined

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As a seasoned analyst with years of experience navigating the complex world of finance and technology, I find myself deeply concerned about Operation Chokepoint 2.0 and its implications for the crypto sector. My journey in this industry has taken me to the heart of financial innovations, and I’ve seen firsthand how such targeted campaigns can stifle growth and innovation.

The founder of a popular cryptocurrency warned that it would take years to reverse the adverse effect of the so-called Operation Chokepoint 2.0, saying that it is a systematic, global campaign that aims to pin down the crypto sector.

As a researcher immersed in the realm of cryptocurrencies, I, too, echo Charles Hoskinson’s call for unity among industry leaders. Together, let us advocate for legislative changes aimed at prohibiting harmful practices within our sphere.

Operation Chokepoint 2.0: A Global Crackdown

Cardano‘s creator, Hoskinson, referred to Operation Chokepoint 2.0 as an “organized series” of actions seemingly designed to single out and disrupt the cryptocurrency sector.

In a recent post on X, I expressed my observation that numerous individuals tend to bury their heads in the sand due to political considerations, claiming that the situation isn’t as dire as the industry portrays it to be.

He made clear that unlike many assume, its functioning wasn’t confined strictly to the U.S.; rather, it extended beyond national borders and impacted other countries as well.

He said that it is worse than what people anticipated, and it is a coordinated global campaign aimed at targeting cryptocurrencies.

The global fallout from Operation Chokepoint 2.0. So many people put their head in the sand for political reasons, saying it’s not as bad as the industry was making it out to be.

On a large scale and worldwide, numerous businesses have faced issues such as harassment, penalties, audits, and even removal from platforms. This situation has… (continued in the next message due to length restrictions)

— Charles Hoskinson (@IOHK_Charles) November 30, 2024

The crypto founder warned about the fallout brought by Operation Chokepoint 2.0, saying that the campaign hurt the economy and devastated businesses after the anti-crypto operation “harassed, fined, audited, and de-platformed” so many companies.

He added that it will take years to “undo the economic and emotional harm” done by the global campaign.

Laws To Protect Crypto Needed

The creator of Cardano urged crypto pioneers to join forces and advocate for legislation that safeguards digital asset companies from potential future crackdowns on cryptocurrencies, emphasizing, “We must act swiftly to pass a law while we still have the opportunity.

Cardano’s creator, Hoskinson, called on influential people in the cryptocurrency sector to advocate for laws that would halt future actions harmful to crypto, ensuring a safer environment for digital currencies.

Working together with influential figures in the cryptocurrency sector may facilitate the passing of favorable legislation, given that President-elect Donald Trump has expressed his intent to foster the industry and modify regulations to encourage its expansion.

Crypto Leaders Slam The Operation

A cryptocurrency firm executive confirmed Operation Chokepoint tried to suppress the crypto industry, saying that he was debanked by a lender outside the United States after receiving a cryptocurrency deposit.

Gabriel Abed, an executive at Binance, discussed his situation where First Citizens Caribbean Bank terminated his longstanding accounts due to receiving a deposit related to Bitcoin transactions.

I can verify that what you’ve stated is accurate. One of the least ethical and least representative actions taken by the Biden administration stands out, and it’s likely that Elizabeth Warren played a role in it (it’s possible that Biden himself wasn’t aware of this).

We’re still collecting documents via FOIA…

— Brian Armstrong (@brian_armstrong) November 27, 2024

Abed explained that international banks are ending relationships with cryptocurrency customers due to needing to adhere to the guidelines established by American banks.

Abed emphasized that this isn’t merely a problem confined to America; instead, it’s a worldwide concern, lending credence to the statements made by the Cardano founder.

In simple terms, Brian Armstrong, the head of Coinbase, views the act of cutting off banking services for individuals in the cryptocurrency field as one of the least morally sound actions taken in recent U.S. history.

Astrong alleges that there’s an organized effort, led by Senator Elizabeth Warren and SEC Chairman Gary Gensler, aimed at intentionally undermining the growth of cryptocurrency.

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2024-12-01 19:12