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