The post Cardano’s Charles Hoskinson says Operation Chokepoint 2.0 is worse than we think, and global appeared on BitcoinEthereumNews.com.

Charles Hoskinson, the co-founder of Cardano and Ethereum, is calling out what he describes as a coordinated global campaign against the crypto industry, one that’s worse than anyone anticipated. Charles took to X (formerly Twitter) to sound the alarm on the aftermath of Operation Chokepoint 2.0, which he claims has devastated businesses, hurt economies, and crushed innovation worldwide. “So many people put their head in the sand for political reasons, saying it’s not as bad as the industry made it out to be,” Charles wrote. “It is worse and global. So many businesses were harassed, fined, audited, and de-platformed.” He warned that the fallout from this crackdown will take years to heal and urged the crypto community to unite, adding, “We have a small window of time to get a law passed.” Charles’s comments were prompted by Binance chairman Gabriel Abed, who revealed his own experience of being debanked outside the United States. Abed recounted how First Citizens Caribbean Bank shut down his accounts—accounts he’d held for over a decade—because he received a bitcoin-related deposit.  The bank’s CEO explained that working with crypto companies posed too high a risk to their American correspondent banking relationships. Abed’s experience, he said, is not unique. International banks were severing ties with crypto clients to comply with “standards” set by their U.S. counterparts. “This isn’t just an American issue,” Abed said. “It’s global.” Crypto industry blames Biden administration for financial suppression The crypto community believes it knows who’s behind this assault: the Biden administration. Industry leaders accuse the government of reviving the controversial Obama-era Operation Chokepoint under a new guise. The original program, launched in 2013, pressured banks to cut ties with industries considered “high risk,” such as payday lenders and firearms dealers. Critics argued that legitimate businesses were being unfairly targeted. Operation Chokepoint…

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Filed under: News - @ December 1, 2024 12:24 am