including spaces Biden Accused of Using Obama-Era Program to Ban Crypto
• Biden and his associates have been accused of using an Obama-era initiative known as Operation Choke Point 2.0 to try and ban crypto.
• Biden has been seen as a crypto hypocrite, after taking money from companies like FTX and then trying to impose tight regulations on crypto when the firm collapsed.
• Attempts are being made to ringfence the crypto industry and cut off its connectivity to the banking system, which could be detrimental for the US in terms of technological progress.
Biden Accused of Trying to Ban Crypto
Biden and his team have been accused of attempting to ban cryptocurrency through an Obama-era program called Operation Choke Point 2.0. The plan was designed so that „undesirable“ industries, including cryptocurrency, would not be able to access banking services due to lack of regulation by the federal government.
Biden’s Hypocrisy Surrounding Crypto
Biden has been criticized for his hypocritical stance on cryptocurrency, having accepted donations from companies such as FTX before later attempting to impose tight regulations on it when the firm went bankrupt without repaying funds owed to investors. Nic Carter – a partner at Castle Island Ventures – commented that these attempts are reminiscent of this Obama-era program. Additionally, Custodia – a cryptocurrency bank – was recently prevented from having a seat at the Fed’s table, with doubt that Protego or Paxos will also be given permission either.
The Impact On The US Technology Sector
Marcus Sotiriou – a market analyst at digital asset broker Global Block – believes that if efforts continue in this vein it could result in significant detriment for the US technology sector as other countries get ahead in terms of blockchain technology advancements whilst America is left behind.
Crypto Regulations Around The World
Worldwide governments are beginning to regulate cryptocurrencies more strictly with increasing scrutiny on their usage in illegal activities such as money laundering or terrorist financing, leading some countries such as India and China completely banning them altogether. However, there are still many countries who have yet to make any changes surrounding their stance on cryptocurrencies but may do so soon if they wish to remain competitive within the global financial market with regards towards new technologies like blockchain and distributed ledger technologies (DLT).
Conclusion
It remains unclear whether Biden will succeed in his attempts at implementing Operation Choke Point 2.0 but what is certain is that increased regulation surrounding cryptocurrencies is becoming more prevalent all around the world as governments attempt clamp down on illegal activities associated with them while also remaining competitive within emerging technologies like blockchain and DLT.