Chalk Point 2.0: Investigation Promises the Truth About the Greatest Conspiracy of Codes

Few people dispute Crypto companies’ struggles to access financial services in the US. There are too many anecdotes. But it remains that Congress will firmly establish the reason. With Trump Other politicians I spoke about it in that it implies that Chokepoint 2.0’s theory of Operation 2.0 is clearly proven.

The discussion went back repeatedly at a hearing held by the House Financial Services Committee on February 6th. 700 pages of documentation It was released by FDIC, and in part by Crypto Exchange Coinbase on requests submitted under the Freedom of Information Act. This document records communications with FDIC banks regarding Crypto during Biden’s presidency.

The payload of the document contains a letter instructing FDIC to suspend plans to provide the bank with various cryptographic services to its clients. In another example, the regulators raised a long list of questions to the bank about cryptographic activity.

There is no explicit instruction for the bank to withhold or withdraw the account from the document’s cryptographic company; Industry executives argue The impression given to banks of general suspicion of Crypto in FDIC had the same practical effect.

“The suspension letter has shown again and again that banks are subject to fatigue restrictions rather than screening restrictions,” said Paul Grawar, Coinbase’s chief justice officer. said in his testimony. “After the questions were raised, there was a question.”

The perceived meaning that FDIC is likely to monitor banks useful for encryption was sufficient to determine that the hassle of financial institutions working with crypto companies was not worth the revenue they bring. The person insisted.

“Through these efforts, it is uneconomical to provide services to the crypto industry. There is no legal ban, but there is a functional ban,” says Adjunct Professor at the NYU Stern Business School of Business and Crypto Payments. Company WSPN CEO Austin Campbell claimed in his testimony.

At another hearing held by the same Congressional committee on February 12, supporters of Chokepoint 2.0’s theoretical tactics received what is still closest to the confirmation of discrimination faced by crypto companies, said Custodia Custoling Long, CEO of Cryptocentric Bank, Caitlin Long, claims. Continuous License Disputes With the Federal Reserve.

“We’re all impressed with the number of complaints and the range of them…We don’t tell the bank that we can’t deposit certain people or anything like that with the bank. But , nonetheless, we (we’ve heard that crypto companies have been denied bank accounts),” Powell, chairman of the Federal Reserve, said in his testimony. “I consider at least some real things. We need to understand that and make sure that doesn’t happen.”

But not everyone thinks that the plot is the most likely explanation for banks’ attention or dislike of cryptography.

“I don’t think there’s a conspiracy,” says Mercedes Tunstall, a partner at the law firm Kadwarader, who previously was a domestic lawyer for Bank of America and HSBC. “You, along with cryptocurrency, have real concerns about money laundering, fraud and terrorist financing.”