• Biden and his team have been accused of attempting to ban crypto by using an Obama-era program called Operation Choke Point 2.0.
• Biden has been a hypocrite when it comes to cryptocurrency, collecting donations from crypto firms while also promising to impose tight regulations if the firm collapsed without paying back funds.
• The US government is trying to cut off the crypto industry’s access to banking services, which could put the US at a disadvantage in terms of technology compared to other countries.
Biden’s Actions Against Crypto
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 cryptocurrency which is presently unregulated by the federal government. Biden has shown his hypocrisy surrounding Bitcoin once again by collecting donations from companies like Sam Bankman-Fried and FTX while later vowing to impose harsh regulations on crypto when those companies collapsed without offering repayment for stolen funds.
Operation Choke Point 2.0
Nic Carter – a partner at Castle Island Ventures – wrote that some in the crypto space believe that recent attempts by the US government to isolate the crypto industry are reminiscent of this little-known Obama initiative. Carter further noted that the Fed recently denied Custodia permission to join their table, as well as Protego and Paxos‘ requests for similar permissions, suggesting that they are part of a coordinated effort against the entire crypto sector.
Consequences For The US
Marcus Sotiriou – a market analyst at digital asset broker Global Block – said that such decisions would be detrimental for America in terms of technology, giving its enemies competitive advantages over them in terms of advancement with blockchain technology and cryptocurrencies specifically. He warned that if the US does not keep up with these advancements, they will fall behind other countries who are more open and accepting towards cryptocurrencies and blockchain technology as a whole.
Opposing Views on Crypto Regulation
While some people believe it is necessary for governments to regulate or even ban cryptos due to their potential use in criminal activities or money laundering, there are others who view regulation as unnecessary because these issues can be addressed via existing laws geared towards preventing fraudulent activities or money laundering without having an outright ban on cryptocurrency usage altogether..
It remains unclear what steps Biden will take regarding cryptocurrencies but whatever decision he makes could have massive implications both domestically and internationally depending on what direction he chooses; whether it be further regulating or completely banning cryptos altogether within America’s borders . All eyes are now set upon Biden’s administration waiting for what actions they decide on taking regarding cryptocurrencies going forward .