Operation Choke Point

[bernorange 8385]

Quote

Crypto banking activity was paused or prevented by the Federal Deposit Insurance Corp. at a large number of U.S. banks in 2022, according to communications pried loose by a research firm hired by Coinbase Inc. (COIN).

Coinbase's hired help, History Associates Inc., had taken the FDIC and the Securities and Exchange Commission to court in June and finally won access to certain internal FDIC communications. The heavily-redacted documents emerged on Friday, showing the banking regulator slamming the brakes on lenders offering or considering products and services in the digital assets sector.

"We respectfully ask that you pause all crypto asset-related activity," the regulator wrote in one of the 23 letters shared by the crypto exchange. "The FDIC will notify all FDIC-supervised banks at a later date when a determination has been made on the supervisory expectations for engaging in crypto asset-related activity."

The industry has long complained that it's been under a banking crisis in which companies and leading crypto figures are blocked from U.S. bank services. Coinbase Chief Legal Officer Paul Grewal argued that these letters represent hard evidence that crypto businesses were systematically walled off from banking by the regulator.

"The letters show that this was no conspiracy theory at all, that this was not just rank speculation or the musings of a paranoid industry," Grewal said in an interview with CoinDesk. "There was a concerted plan on the part of the FDIC that they carried out — without any reluctance — to deny banking services to a legal American industry. That should give everyone great pause."
...

https://www.coindesk.com/policy/2024/12/05/u-s-regulator-told-banks-to-lay-off-crypto-letters-obtained-by-coinbase-reveal

 

[Captainant 28479]

Reading the plain text of the article, it's not like there's some huge conspiracy to break crypto. They didn't even have an idea of what a regulatory framework would look like to appropriately have safeguards in place to avoid money laundering and being a way to avoid sanctions if you're Russia or North Korea.

In my professional work, it would be malpractice for one of my customers to run headlong at full scale into a brand new technology without having any sort of idea of how to manage it. Once something exists, it tends to keep on existing. Temporary fixes become permenant dogma.

This is coinbase and the crypto industry in general self-victimizing because the government isn't moving as fast as they'd like it to.

[bernorange 8385]

[Biff Tannen 46145]

Crypto bros are so dumb. It will eventually have its place, but that is not anytime soon. Quit crying. It’s not a fucking conspiracy. 

[Captainant 28479]

11 hours ago, Biff Tannen said:

Crypto bros are so dumb. It will eventually have its place, but that is not anytime soon. Quit crying. It’s not a fucking conspiracy. 

Bernorange owns a precious metals and crypto message board fwiw, so he is the truest of believers 

Edited December 14 by Captainant

[bernorange 8385]

[bernorange 8385]

 

[Biff Tannen 46145]

[elfenix 34687]

I don't normally neg but I'm about to neg the fuck out of bernorange for stanning cryptobro billionaires upset they can't scam normies. And I'm up 1000% on my crypto.

Edited Sunday at 07:04 PM by elfenix

[The Original Greaser Bob 2887]

Can someone just PM me if this will affect Fidelity Balanced Index Fund in a negative way?

Frankly, just PM me if you ever hear of anything that will negatively affect Fidelity Balanced Index Fund.

[bernorange 8385]

@elfenix- that's a gross mischaracterization of my contributions to this thread.  It's not like I don't have a history of ranting about issues pertaining to government abuse of power or  personal and financial liberty.  Do what you like, but at least be honest about it.

[elfenix 34687]

3 hours ago, bernorange said:

@elfenix- that's a gross mischaracterization of my contributions to this thread.  It's not like I don't have a history of ranting about issues pertaining to government abuse of power or  personal and financial liberty.  Do what you like, but at least be honest about it.

personal and financial liberty is shorthand for oligarchs fucking the rest of us. you're gleeful about it.

[bernorange 8385]

It occurred to me that your comments were specific in referring to Marc Andreessen?  If so, it's a dumb take as my interest in debanking and Operation Choke Point 2.0 was piqued long before he cast a light on the subject.  It's not about him or any other "crypto billionaire".  I was quite clear on page one of this thread with my interest in the subject.

~~~

Quote

Majority of Crypto Hedge Funds Report Facing Banking Issues in Recent Years

Cryptocurrency hedge funds have run into widespread banking problems in recent years, according to a new survey.

• Out of 160 crypto hedge funds, three-quarters reported issues with basic banking services over the past three years. The funds invest in digital currencies and blockchain-technology companies.
• None of the 20 other alternative investors surveyed, in areas including real estate and private credit, reported similar issues.
• Of the crypto funds that faced issues, a little more than half were told that banks planned to end the relationship. The rest either weren't informed or didn’t answer the survey question.
• When banks communicated, most didn't give crypto funds a clear reason for denying access. Banks told two funds they were limiting crypto clients and industry exposure.

...

https://www.wsj.com/livecoverage/stock-market-today-dow-sp500-nasdaq-live-12-20-2024/card/majority-of-crypto-hedge-funds-report-facing-banking-issues-in-recent-years-Nat2gsEh0xPEleK6583O