Since the collapse of three US banks friendly to the cryptocurrency business and the US government claiming crypto assets are “risky investments,” many speculators believe the bureaucracy is intentionally closing access to cryptocurrencies The U.S. government’s recent crackdown on cryptocurrencies has been called a “Ch. Some have called the U.S. government’s recent crackdown “Operation Chokepoint,” a mission aimed at eliminating access to the crypto ecosystem in the United States.
The bank shutdown has raised concerns about the U.S. government’s stance on crypto
In recent weeks, crypto advocates have been discussing the U.S. government’s enforcement actions against digital currency projects, crypto exchanges, and other businesses, and the collapse of Silvergate Bank, Silicon Valley Bank, and Signature Bank has led many to government shutting down access to crypto services. For example, the Signature Bank shutdown left spectators confused as to why it happened. In addition, Signature board member and former politician Barney Frank said that regulators shut down Signature to send an “anti-encryption” message.
Operation Choke Point 2.0 is the next big scandal that other independent commentators will miss. Those who said, “If you don’t lock down, you are a Wall Street stooge,” are not the ones to listen now. The “collapse” of these banks was a targeted crypto assassination.
– Kim Iversen (@KimIversenShow). March 20, 2023
Regulators in New York and the Federal Deposit Insurance Corporation (FDIC) insisted that the shutdown had nothing to do with crypto. However, when Signature’s assets and bank branches were acquired, new owner Flagstar Bank chose not to acquire Signature’s digital currency business. U.S. Senator Elizabeth Warren of Massachusetts blamed crypto risks for the liquidation of Silvergate, and many other U.S. politicians joined her chorus. The White House also released an economic report, downplaying crypto assets, noting that they do not meet sound monetary characteristics and fail in their purported purpose.
Operation Choke Point 2.0 pic.twitter.com/eoVui87pgu
– Radar🚨 (@RadarHits) on March 20, 2023
All of this and the U.S. Securities and Exchange Commission’s crackdown has led people to believe that the U.S. government wants to ban the crypto business. Many crypto advocates call this mission “Operation Choke Point.” On March 13, bitcoiner Nic Carter tweetedabout the alleged mission and said he warned about the choke point a month ago.” I never in a million years thought they would go 100x further and actually take down the top 3 crypto-facing banks,” Carter said.” It is breathtaking. And this was no accident. It was a demolition.” He also wrote a comprehensiveblog poston the subject at Pirate Wires. In this post, he elaborates on the “Coordination of the Biden Administration. Take monetary energy out of the system before all savings are confiscated. Once you have monetary energy in neutral reserve assets, you may have to physically move to a friendly jurisdiction to reap its benefits. But at least there is an option.”
Bitcoin supporter Michael Lewisshared a screenshot from Kraken ACH News with: “Bitcoin circular economy or bust. on and off ramps are shutting down”. But not everyone is as enthused as some Bitcoiners who think Bitcoin offers a better alternative. With the government cracking down and regulators doing all they can,some are skepticalabout unfinished scaling solutions and
that the introduction of bitcoin is not creating a circular economy. Still others question Srinivasan and others about the government banning off-ramps and what people should do if that happens.
“We all buy bitcoins and get them from the exchange, but what if there is no on/off ramp? What are we going to do from here? How do you trade, how do you spend it?” oneasked. Srinivasan in a Twitter thread
What do you think about the US government’s move against crypto businesses and assets? Do you think they are intentionally closing access to cryptocurrencies? Share your thoughts on this subject in the comments section below.
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