Newsletter: Dubbing it “Operation Choke Point 2.0”, cryptocurrency companies have co-opted legitimate concerns about banking discrimination to fight regulation — and Congress is buying it.
https://www.citationneeded.news/crypto-industrys-debanking-smokescreen/
$130 million in Congressional spending by the crypto industry helped put their claims of systemic debanking by the Biden administration and financial regulators at the top of the to-do lists for both the House and the Senate, who held hearings last week on the topic.
On the face of it, there seemed to be bipartisan agreement that debanking is a real issue that needs to be addressed. But scratch the surface, and the two sides were discussing radically different issues.
When it comes to claims of “Operation Choke Point 2.0”, a supposed government campaign to improperly pressure banks to not provide services to the cryptocurrency industry wholesale, little has emerged in the way of proof of such a campaign (despite the industry’s claims).
Even Republicans and their invited witnesses — to Senator Kennedy’s apparent surprise — disagree as to whether denial of banking services is some sort of nefarious government campaign or just banks making their own decisions.
Interesting, thank you for your interesting contributions and for linking free, open video sources.
I have experienced how the opening of a bank account for an immigrant from Africa was refused without further explanation. You have to choose a particular bank that does not discriminate subliminally.
The products and services offered by banks can also be very restrictive. Fortunately, there is #Monero #XMR and other excellent #opensource financial software.
