In a recent development, President Biden and his associates have been accused of secretly trying to ban cryptocurrencies 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, including crypto, which is presently unregulated by the federal government.
This move has sparked outrage among the crypto community, who see it as a blatant attack on their financial freedom. Many have accused Biden of being a crypto hypocrite, as 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.
Nic Carter, a partner at Castle Island Ventures, wrote in a recent article that “Biden’s stance on crypto is a complete contradiction. On one hand, he claims to support innovation and progress, but on the other hand, he is actively trying to stifle one of the most promising technologies of our time.”
The crypto community is now calling on Biden to reconsider his stance on crypto and to work towards creating a regulatory framework that supports innovation and growth in the industry. They argue that banning crypto will only drive it underground and make it more difficult to regulate, which could lead to more fraud and criminal activity.
As the debate over crypto regulation continues, it remains to be seen how Biden and his administration will respond to these accusations. But one thing is clear – the crypto community is not going to back down without a fight.
