Harris’ Cryptocurrency ‘Dump’ Campaign Questioned as Fed Tightens Measures
Date: 2024-08-12 Author: Henry Casey Categories: BUSINESS
The Federal Reserve’s move against Customers Bank, a bank known for its support of cryptocurrency, has cast doubt on the sincerity of Vice President Kamala Harris’ campaign’s efforts to improve relations with the crypto community.
On August 9, Gemini co-founder Tyler Winklevoss expressed concern about the Fed’s actions on the X platform (formerly Twitter). He said, “Today, the Fed confirmed that Operation Choke Point 2.0 is actively ongoing, demonstrated how it works, and in doing so, proved that the Harris cryptocurrency dump campaign is a hoax.”
Crackdown on Crypto Banking
The Federal Reserve has issued a 13-page order requiring Customers Bank to provide 30 days’ notice before doing business with any cryptocurrency company.
Winklevoss highlighted the broader implications of the order, noting that Customers Bank is one of the few remaining crypto-friendly banks in the United States. He said the Fed is effectively controlling crypto companies’ access to banking services by deciding who can or cannot open a bank account, limiting their ability to operate.
Centralization of Decisions Draws Criticism
Winklevoss also criticized the centralization of decision-making within the Fed, saying that such decisions should be made at the individual bank level rather than at the central level.
Hoskinson Backs Up the Criticism
Following Winklevoss, Cardano founder Charles Hoskinson has voiced similar concerns, emphasizing that the current US administration has demonstrated a hostile attitude toward the cryptocurrency industry.
Hoskinson believes that the Biden administration is actively opposed to the development of the crypto sector, and this position has not changed. He warns that a vote for Harris could harm the US crypto industry, as it will, in his opinion, continue what he calls the “war on crypto”.
In July, a group of US lawmakers and congressional candidates from various districts sent a letter to the chairman of the Democratic National Committee, Jamie Harrison, calling on the party leadership to take a progressive stance on digital assets and blockchain technology.
From March to August 2023, the US banking sector faced serious problems related to the collapse of several banks working with crypto companies, including Silvergate Bank, Signature Bank, and Silicon Valley Bank.
