The founder of the popular cryptocurrency has warned that it will take years to reverse the negative impact of the so-called Operation Chokepoint 2.0, saying it is a systematic global campaign aimed at defining the cryptocurrency sector.
Cardano founder Charles Hoskinson urged other leaders in the cryptocurrency industry to unite and push for legislation prohibiting such activities.
Operation Chokepoint 2.0: A global campaign
Hoskinson’s description Operation Chokepoint 2.0 As a “systematic campaign” they appear to be targeted attacks on the cryptocurrency industry.
“A lot of people have put their heads in the sand for political reasons, saying it’s not as bad as the industry makes it out to be,” Hoskinson said in the X post.
He explained that contrary to what most people think, its operations were not limited to the United States alone, adding that it also extended to the international level.
He said it was worse than people expected, a coordinated global campaign targeting Cryptocurrencies.
Global implications of Operation Chokepoint 2.0. A lot of people are putting their heads in the sand for political reasons, saying it’s not as bad as the industry makes it out to be.
It’s worse and global. Many companies have been harassed, fined, audited and removed from the platform. I have… https://t.co/kKu2qGp8Ae
– Charles Hoskinson (IOHK_Charles) November 30, 2024
The cryptocurrency founder has warned of the fallout from Operation Chokepoint 2.0, saying the campaign has hurt the economy and destroyed businesses after the anti-crypto operation “harassed, fined, audited and deplatformed” several companies.
He added that it would take years to “undo the economic and emotional damage” caused by the global campaign.
Bitcoin market cap currently at $1.92 trillion. Chart: TradingView.com
Laws are needed to protect cryptocurrencies
The Cardano founder called on cryptocurrency leaders to unite and push for laws that protect digital asset companies from any future anti-cryptocurrency operation, saying: “We have a small window of time to pass a law.”
Hoskinson urged key figures in the cryptocurrency industry to push for legislative measures to prevent such anti-crypto activity from occurring in the future.
Collaboration between prominent crypto figures could help pass legislation, especially with President-elect Donald Trump pledging to support the industry and reform regulations for its growth.
Cryptocurrency leaders criticize the process
A cryptocurrency company executive confirmed that Operation Chokepoint attempted to suppress the cryptocurrency industry, saying it was barren By a lender outside the United States after receiving a deposit in cryptocurrency.
Gabriel Abid, CEO of Binance, shared his experience dealing with First Citizens Caribbean Bank, saying that the non-US bank closed his decade-old accounts because he took a Bitcoin-related deposit.
This can be confirmed to be true. It was one of the most unethical and un-American things to happen in the Biden administration, and I think we will find Elizabeth Warren’s fingerprints all over it (Biden himself probably wasn’t aware of it).
We’re still collecting documents through the Freedom of Information Act… https://t.co/2Rda7VU9MT
– Brian Armstrong (@brian_armstrong) November 27, 2024
Abed said international banks have cut ties with cryptocurrency clients because they have to adhere to “standards” set by US banks.
“This is not just an American issue. It is global,” said Abed, which also supports the Cardano founder’s claims.
Brian Armstrong, CEO of Coinbase, called the process of breaking up workers in the cryptocurrency industry one of the most unethical moves in US history.
Armstong claimed that a deliberate attempt to kill the cryptocurrency industry was coordinated by Senator Elizabeth Warren and SEC Chairman Gary Gensler.
Featured image from DALL-E, chart from TradingView
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