The founder of a popular cryptocurrency warned that it would take years to reverse the adverse effect of the so-called Operation Chokepoint 2.0, saying that it is a systematic, global campaign that aims to pin down the crypto sector.
Cardano founder Charles Hoskinson urged other leaders in the crypto industry to unite and push for legislation that will ban conducting such activities.
Operation Chokepoint 2.0: A Global Crackdown
Hoskinson described Operation Chokepoint 2.0 as a “systematic campaign” that seems to be targeted attacks on the cryptocurrency industry.
“So many people put their head in the sand for political reasons, saying it’s not as bad as the industry was making it out to be,” Hoskinson said in an X post.
He explained that contrary to what most people believe, its operation was not limited to the United States alone, adding that it also spilled over internationally.
He said that it is worse than what people anticipated, and it is a coordinated global campaign aimed at targeting cryptocurrencies.
The global fallout from Operation Chokepoint 2.0. So many people put their head in the sand for political reasons, saying it’s not as bad as the industry was making it out to be.
It is worse and global. So many businesses were harassed, fined, audited, and de-platformed. It has… https://t.co/kKu2qGp8Ae
— Charles Hoskinson (@IOHK_Charles) November 30, 2024
The crypto founder warned about the fallout brought by Operation Chokepoint 2.0, saying that the campaign hurt the economy and devastated businesses after the anti-crypto operation “harassed, fined, audited, and de-platformed” so many companies.
He added that it will take years to “undo the economic and emotional harm” done by the global campaign.
Laws To Protect Crypto Needed
The Cardano founder called on cryptocurrency leaders to unite and push for laws protecting digital asset firms from any future anti-crypto operation, saying, “We have a small window of time to get a law passed.”
Hoskinson urged key figures in the crypto industry to lobby for legislative measures to prevent such anti-crypto activity from happening in the future.
Collaboration among prominent crypto figures could help pass legislation, especially with President-elect Donald Trump pledging to support the industry and reform regulations for its growth.
Crypto Leaders Slam The Operation
A cryptocurrency firm executive confirmed Operation Chokepoint tried to suppress the crypto industry, saying that he was debanked by a lender outside the United States after receiving a cryptocurrency deposit.
Binance executive Gabriel Abed shared his experience of being debanked by First Citizens Caribbean Bank, saying that the non-US bank shut down his decade-old accounts because he got a Bitcoin-related deposit.
Can confirm this is true. It was one of the most unethical and un-American things that happened in the Biden administration, and my guess is we’ll find Elizabeth Warren’s fingerprints all over it (Biden himself was probably unaware).
We’re still collecting documents via FOIA… https://t.co/2Rda7VU9MT
— Brian Armstrong (@brian_armstrong) November 27, 2024
Abed said that international banks cut their ties with crypto clients because they have to comply with the “standards” set by US banks.
“This isn’t just an American issue. It’s global,” Abed stated, which further supports the claims of the Cardano founder.
Coinbase CEO Brian Armstrong described the debanking of those in the crypto industry as one of the most unethical moves in US history.
Armstong claimed that a deliberate attempt to kill the crypto industry has been orchestrated by Senator Elizabeth Warren and Securities and Exchange Commission Chair Gary Gensler.
Featured image from DALL-E, chart from TradingView
