It’s Thursday, and the crypto drama is unfolding like a bad soap opera 📺. The House Committee on Financial Services is holding a hearing on Operation Choke Point 2.0, and things are getting juicy 🤯.
Rep. Alexander Green kicked off the proceedings by denying all allegations of debanking, but it seems he’s been living under a rock 🌎. The FDIC just dropped a bombshell of incriminating documents, and it’s hard to ignore the evidence 📊.
Committee Hearing: Where Crypto Haters Unite 🤝
The hearing is a big deal, folks. It shows that the US government is finally taking crypto seriously, even if some reps are still stuck in the dark ages 🕰️. Rep. Al Green started things off with a scathing opening statement:
“Operation Choke Point 2.0? Never heard of it 🙅♂️. It’s all about Trump’s deregulation disasters and how they’ll put investors at risk 🚨.”
Green went on to trash crypto banks, citing Silvergate’s collapse as proof of their instability 📉. But, as journalist Eleanor Terrett pointed out, Silvergate was more like a victim of circumstance 🤕.
The Plot Thickens: Evidence of Operation Choke Point 2.0 🕵️♀️
Terrett noted that Silvergate was under attack from industry opponents like Senator Elizabeth Warren, and regulators imposed a 15% cap on crypto-related deposits 📊. It’s no wonder the bank went belly up 🤯.
“Is it ironic that some reps are more concerned about their constituents getting debanked, when crypto was created to solve those problems? 🤔” – Eleanor Terrett
Despite Green’s hostile tone, the facts came flooding out. The Committee’s first witness, Austin Campbell, brought receipts 📝. Specifically, he referenced the FDIC’s recent document dump, which included 175 incriminating papers 📁.
Paul Grewal, Coinbase’s Chief Legal Officer, also testified, sharing his own experiences with Operation Choke Point 2.0 📝. He didn’t focus on Coinbase’s struggles, but rather on exposing the attacks on the entire industry 🌐.
This hearing might not change the game overnight, but it’s a step in the right direction 🌈. The tides are turning, and crypto opposition is weakening in the US 🌊.
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2025-02-07 02:05