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The bitcoin price topped $24,000 per bitcoin last month, up from $16,000 at the beginning of the year. The ethereum price has seen similar swings as the US unveils its long-awaited crypto roadmap.
Now, the Biden administration has been accused of trying to "quietly" ban bitcoin, ethereum and other cryptocurrencies in a move that has been described as "Operation Choke Point 2.0," referring to a 2013 administration. initiative which sought to cut off the undesirable industries of banking services.
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The Biden administration warned last month that it would be a "serious mistake" to allow ties between ... [+]
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"Some in the cryptocurrency space believe that recent attempts to fence off the cryptocurrency industry and sever its connectivity to the banking system are reminiscent of this little-known Obama-era program," said Nic Carter, a bitcoin partner and venture capitalist. venture focused on cryptocurrencies. at Castle Island Ventures, he wrote in a Substack mail Posted by investor Mike Solana.
Last month, the Federal Reserve rejected crypto bank Custodia's application to join its ranks, casting doubt on whether the Office of the Comptroller of the Currency will give final approval to applications by crypto companies Protego and Paxos for bank charters. national trustee.
“The US government is using the banking sector to mount a sophisticated and widespread crackdown on the cryptocurrency industry,” Carter wrote.
"And the administration's efforts are no secret: they are clearly expressed in memos, regulatory guidance, and blog posts. However, the breadth of this plan, which encompasses virtually all financial regulators, as well as its highly coordinated nature, has even the most steely-eyed crypto veterans nervous that crypto companies could end up completely unbanked, stablecoins may be stranded and unable to manage inflows and outflows of cryptocurrencies, and exchanges may shut down entirely of the banking system".
Such a move “would be a huge mistake from a US perspective, as it would lead the rest of the world to move forward with the major technological revolution of cryptocurrency and blockchain,” Marcus Sotiriou wrote in an email. , a market analyst at digital asset broker GlobalBlock. comments
The Biden administration has said that Congress needs to "intensify its efforts" to regulate the bitcoin and cryptocurrency market. warning that it would be a "grave mistake" to allow ties between cryptocurrencies and the broader financial system to deepen amid warnings of a "global financial collapse."
The Biden administration's attitude towards bitcoin and crypto has caused "a lot of crypto entrepreneurs now telling me they are waiting for 2025 and a so-called DeSantis regime for things to change," Carter added.
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The bitcoin price has plunged from its 2021 peak, dragging down the price of ethereum and others ... [+]
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However, some in the bitcoin and crypto space are more bullish, predicting that it will be established companies rather than crypto startups that will be left behind.
Changpeng "CZ" Zhao, the CEO of Binance, the world's largest bitcoin, ethereum and crypto exchange, has warned that Wall Street giants face "existential risk" if they don't adopt crypto technology.
