🕵️♂️ Unmasking Financial Maneuvers: A Closer Look at Crypto Controversies
Skepticism runs deep in the circles of conspiracy theorists. Their long-held belief that no competitor to traditional fiat money would be tolerated by central banks and governments seems to have found some resonance. Even seasoned regulators, like Brian Brooks, the former head of the Office of the Comptroller of the Currency, an independent bureau within the U.S. Department of the Treasury, have hinted at such outcomes. The chilling effect is palpable across the US-based crypto industry as regulators, notably the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), clamp down on major entities including Kraken and Coinbase, and even sue giants like Binance.
🐦 Jesse Powell’s Twitter Outcry and Paxos’s Regulatory Hurdle
The saga deepened when the SEC revisited Kraken, prompting its founder and former CEO Jesse Powell to express his dismay publicly via Twitter. The regulatory grip tightened with Paxos receiving a Wells Notice in February, a clear directive to halt its Binance USD (BUSD) stablecoin production.
Message is clear: $30m buys you about 10 months before the SEC comes around to extort you again. Lawyers can do a lot with $30m but the SEC knows that a real fight will likely cost $100m+, and valuable time. If you can't afford it, get your crypto company out of the US warzone.— Jesse Powell (@jespow) November 21, 2023
📈 Economic Report of the President: Critiquing Crypto’s Viability
In a striking blow from the political echelons, the Biden Administration’s “Economic Report of the President” cast doubts on cryptocurrency’s utility and underscored the pervasive fraud within the sector. This narrative builds a case for the government’s increasing scrutiny and restrictive measures.
🔥 Crypto Card
🏦 The Bank Failures: A Symptom or a Cause?
The closure of three notably crypto-friendly banks – Silvergate, Silicon Valley Bank, and Signature Bank – has ignited debates and suspicion amongst the crypto community. High-profile politicians, like Senator Elizabeth Warren, are not only vocal critics but are also pushing for legislative changes that could significantly curtail the industry’s growth and autonomy, particularly around the concept of self-custody in crypto.
🚫 Alleged Operation Choke Point 2.0 and the Closure of Signature Bank
There’s a growing narrative amongst certain industry insiders about a deliberate attempt by federal agencies to undermine the crypto sector, likening recent events to a modern version of Operation Choke Point. This sentiment is echoed by individuals such as Barney Frank, a board member of the now-closed Signature Bank, who contends that the bank’s liquidation was a targeted move to convey a strong anti-crypto stance.
🛑 The FDIC’s Stance and Signature Bank’s Unexpected Closure
Despite the FDIC’s denials, the circumstances surrounding Signature Bank’s closure and the subsequent restrictions on its crypto clients suggest a more complex and possibly targeted regulatory landscape. Martin Gruenberg, the current head of the FDIC and a noted figure from the original Operation Choke Point, faces scrutiny and doubt over the agency’s promises of reform and fairness.
🗽 The American Crypto Quandary: 2023 and Beyond
As 2023 unfolded, the US crypto industry found itself at a crossroads, grappling with both overt regulatory actions and covert bureaucratic maneuvers that threaten its very existence. Amidst this, the US judicial branch has shown some resistance, calling out regulatory overreach and deception.
➡️ Donate Bitcoin!
➡️ Donate Ethereum!
Disclaimer: Please note that the content on Logll.com, encompassing news, articles, evaluations, and perspectives, is meant solely for informational and educational purposes. Although we endeavor to present accurate, current, and relevant information, we cannot assure the comprehensiveness, precision, dependability, appropriateness, or accessibility of any content featured.