Joe Biden is Going to Ban the Crypto?

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Cryptocurrencies have gained popularity over the years. However, they have always received mixed reactions from countries around the world. Some nations are completely open to the idea of cryptocurrencies, whereas others are totally the opposite.

The Biden administration has recently received criticism for possibly trying to ban Bitcoin and other cryptocurrencies “quietly.” The accusation was pointing towards something called “Operation Choke Point 2.0.”

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Operation Choke Point dates back to 2013

The operation was an initiative by the US DOJ that began in 2013 with investigations into banks and their links with firms that are associated with fraud and money laundering risks. The operation came to a halt in August 2017 when several lawsuits were also settled.

“Some in the crypto space believe that the recent attempts to ringfence the crypto industry and cut off its connectivity to the banking system are reminiscent of this little-known Obama-era program,” cryptocurrency venture capitalist Nic Carter said.

Carter wrote in his substack post that the Biden administration is using the banking sector to implement a crackdown on the cryptocurrency realm.

Source: Money

“And the administration’s efforts are no secret: they’re expressed plainly in memos, regulatory guidance, and blog posts.”

However, such a move will end up being fatal for the country as a whole, as nations like Dubai are eyeing becoming cryptocurrency hubs. The FTX collapse was also a triggering point for nations to implement a tough stance on cryptocurrencies.