Is Biden Using an Obama-Era Program to Ban BTC?
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. This includes crypto, which is presently unregulated by the federal government.
Biden Shows His Hypocrisy Surrounding BTC… Again
Biden has been a complete crypto hypocrite from day one. He and his constituents collected tons of money from men like Sam Bankman-Fried and garnered quick and easy ties to fraudulent companies like FTX to boost their campaign donations while later turning around and swearing to impose tight regulations on crypto when the firm collapsed without offering to pay the funds back to the people it was likely stolen from.
Nic Carter – a partner at Castle Island Ventures – wrote in a recent statement:
Some in the crypto space believe that the recent attempts to ringfence the crypto industry and cut off its connectivity to the banking system are reminiscent of this little-known, Obama-era program.
Carter was also quick to criticize the recent decision initiated by the Fed to prevent the crypto bank Custodia from having a seat at its table. There is further doubt that Protego and Paxos – two additional crypto monetary service companies – will be given permission either.
The U.S. government is using the banking sector to organize a sophisticated, widespread crackdown against the crypto industry, and the administration’s efforts are no secret. They’re expressed plainly in memos, regulatory guidance, and blog posts. However, the breadth of this plan, spanning virtually every financial regulator, as well as its highly coordinated nature, has even the most steely-eyed crypto veterans nervous that crypto businesses might end up completely unbanked, stablecoins may be stranded and unable to manage flows in and out of crypto, and exchanges might be shut off from the banking system entirely.
Marcus Sotiriou – a market analyst at digital asset broker Global Block – said 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 – including its enemies – huge competitive advantages. He said:
It would result in the rest of the world getting ahead in the important crypto and blockchain technology revolution.
Time to Get Him Out
Carter further hinted that Biden has been nothing but a nuisance to the crypto space and that many individuals are waiting for 2025 for him to get voted out of the White House for good so his destructive ways can officially (and finally) end. He said:
Many crypto entrepreneurs now tell me they’re waiting for 2025 and a putative DeSantis regime for things to turn.
Still, traders shouldn’t turn their backs on a potential second term for Trump, who would also likely reverse most of Biden’s damage.
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