Cardano founder weighs in on letter accusing US regulators of war on crypto

Amid a widespread regulatory offensive against the cryptocurrency industry that has recently culminated in a lawsuit against the world’s largest crypto trading platform Binance, Cardano (ADA) founder Charles Hoskinson has commented on a law firm’s letter addressed to the United States Congress calling for out the regulators.

The law firm Cooper & Kirk has actually written a 35-page document called “Operation Choke Point 2.0: The Federal Bank Regulators Come For Crypto,” which Hoskinson described as “carefully resourced,” a “fascinating read” and “the most detailed letter I have seen about this” in his YouTube video streamed on March 29.

Operation Choke Point 2.0

As it happens, the letter reminds the reader of Operation Choke Point, in which regulators “conducted a coordinated campaign to arm the banks against industries that had fallen out of favor with the administration, including gun shops, pawn shops, tobacconists, paydays. lenders and a number of other physical businesses.”

“Our firm successfully challenged Operation Choke Point and it was stopped. The current bout of regulatory abuse against the crypto industry is illegal for much the same reason as its predecessor.”

In “Operation Choke Point 2.0,” which the law firm claims is currently underway, “there is a coordinated campaign by prudent banking regulators to drive crypto businesses out of the financial system,” or simply a “war on crypto,” it says that in the letter.

Cooper & Kirk referred to the “informal guidance documents that single out cryptocurrency and cryptocurrency customers as a risk to the banking system.” As a result, crypto firms “lose their bank accounts or access to the ACH network,” and their owners and employees “even have their personal accounts closed (…) suddenly, and without explanation.”

Finally, the law firm urges Congress “to exercise its oversight role and hold these agencies accountable,” as well as suggesting “a number of questions that need to be answered and a number of steps that Congress should take in an effort to obtain those answers.” .”

Hoskinson’s two cents

In closing, the Cardano founder advised his viewers to forward the letter to their congressmen and senators, as it was just “a great letter to read and a great letter to send, and it’s written in a language they would surely understand, and again, this The law firm really outdid itself in that.”

“Just print the whole thing and say, ‘Hey, you should definitely read this and realize that this is happening and this is regulatory abuse and they’re taking the power away from you, Congress, and they’re taking it themselves and here’s all the risk and harm that’s done.'”

Earlier, Hoskinson had some scathing words for the new White House economic report that criticized digital assets as too speculative and risky and offered no fundamental value, calling it “bullshit”, “a pathetic joke” and “garbage”. as Finbold reported on March 23.

Watch the full video below:

Featured image via Messari YouTube