• President Biden and his associates have been accused of trying to ban crypto through an Obama-era initiative known as Operation Choke Point 2.0.
• This plan is designed to cut off any „undesirable“ industries from banking services, including crypto which is presently unregulated by the federal government.
• Nic Carter and Marcus Sotiriou believe that such a decision would be detrimental to the United States as it would prevent the nation from getting ahead technology-wise and give other countries a competitive advantage.
Biden’s Plan to Ban Crypto
President Biden and his associates have been accused of secretly trying to ban crypto through an Obama-era initiative known as Operation Choke Point 2.0. This plan was designed to cut off any „undesirable“ industries from banking services, including crypto which is currently unregulated by the federal government.
Biden’s Hypocrisy Surrounding BTC
Biden has been a complete hypocrite when it comes to cryptocurrency from day one. He and his constituents collected money from men like Sam Bankman-Fried and garnered quick ties to fraudulent companies like FTX but later swore off imposing tight regulations on cryptos when the firm collapsed without offering to pay back funds that were likely stolen from people.
The Fed’s Actions Regarding Crypto Banks
Nic Carter – a partner at Castle Island Ventures – believes that the recent attempts by the US government to ringfence the crypto industry and cut off its connectivity with the banking system are reminiscent of this little-known, Obama-era program. The Federal Reserve has recently prevented Custodia – a crypto bank – from having access at its table, leading many people doubt if Protego or Paxos will be given permission either.
Consequences of Banning Cryptocurrency
Marcus Sotiriou – a market analyst at digital asset broker Global Block – said that such a decision would be detrimental to America as it would prevent them from advancing technologically while giving other countries (including enemies) competitive advantages in blockchain technology revolution.
Conclusion
It is clear that President Biden and his associates are attempting some nefarious ways in order to implement their agenda against cryptocurrencies despite collecting donations from those involved in cryptos previously; however, doing so could lead us down a dangerous path for our country’s technological advancement compared with others around us who are investing heavily into blockchain technology research and development due to less regulation surrounding their efforts than ours here in America