{"id":24378,"date":"2023-03-23T16:00:33","date_gmt":"2023-03-23T23:00:33","guid":{"rendered":"https:\/\/coinnetworknews.com\/bitcoin-advocates-discuss-us-governments-alleged-mission-to-eliminate-crypto-access-bitcoin-news\/"},"modified":"2023-03-23T16:00:33","modified_gmt":"2023-03-23T23:00:33","slug":"bitcoin-advocates-discuss-us-governments-alleged-mission-to-eliminate-crypto-access-bitcoin-news","status":"publish","type":"post","link":"https:\/\/coinnetworknews.com\/bitcoin-advocates-discuss-us-governments-alleged-mission-to-eliminate-crypto-access-bitcoin-news\/","title":{"rendered":"Bitcoin Advocates Discuss US Government\u2019s Alleged Mission to Eliminate Crypto Access \u2013 Bitcoin News"},"content":{"rendered":"
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Since the collapse of three American banks friendly to cryptocurrency businesses and the U.S. government\u2019s insistence that crypto assets are \u201crisky investments,\u201d many speculators believe bureaucrats are purposely closing access to cryptocurrencies. Some refer to the U.S. government\u2019s recent enforcement as \u201cOperation Chokepoint,\u201d a mission aimed at eliminating access to the crypto ecosystem in the United States.<\/strong><\/p>\n

Bank Shutdowns Raise Concerns About U.S. Government\u2019s Stance on Crypto<\/h2>\n

In recent weeks, crypto advocates have discussed U.S. government enforcement actions toward digital currency projects and businesses such as crypto exchanges. The collapse of Silvergate Bank<\/a>, Silicon Valley Bank<\/a>, and Signature Bank<\/a> has led many to believe the U.S. government is closing access to crypto services. For example, with Signature Bank\u2019s shutdown, spectators were confused about why it happened. Adding to the speculation, Signature board member and former politician Barney Frank said<\/a> regulators shut down Signature to send an \u201canti-crypto\u201d message.<\/p>\n

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Operation Chokepoint 2.0 is the next big scandal every other independent commentator will miss. The same people who told you to \u201clockdown or you\u2019re a shill for Wall Street\u201d are NOT the people to listen to now. These bank \u201ccollapses\u201d were targeted crypto assassinations.<\/p>\n

\u2014 Kim Iversen (@KimIversenShow) March 20, 2023<\/a><\/p>\n<\/blockquote>\n

Regulators from New York and the Federal Deposit Insurance Corporation (FDIC) insisted<\/a> the shutdown had nothing to do with crypto. However, when Signature\u2019s assets and bank branches were acquired, new owner Flagstar Bank opted not<\/a> to acquire Signature\u2019s digital currency business. U.S. senator Elizabeth Warren<\/a> of Massachusetts blamed crypto risk<\/a> for Silvergate\u2019s liquidation and many other U.S. politicians joined her chorus. The White House also published its economic report<\/a> and downplayed crypto assets, noting they do not fulfill the properties of sound money and have failed their purported goals.<\/p>\n

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Operation Chokepoint 2.0. pic.twitter.com\/eoVui87pgu<\/a><\/p>\n

\u2014 Radar\ud83d\udea8 (@RadarHits) March 20, 2023<\/a><\/p>\n<\/blockquote>\n

All this and enforcement<\/a> from the U.S. Securities and Exchange Commission have led people to believe the U.S. government wants to oust crypto businesses. Many crypto proponents call the mission \u201cOperation Chokepoint<\/a>.\u201d On March 13, bitcoiner Nic Carter tweeted<\/a> about the alleged mission and said he warned about chokepoint a month ago. \u201cI didn\u2019t think in a million years they would go 100x further and actually take down the top three crypto-facing banks,\u201d Carter said. \u201cIt\u2019s breathtaking. And this wasn\u2019t an accident. It was a demolition.\u201d He also wrote a comprehensive blog post<\/a> about the subject on Pirate Wires. The post details \u201cthe Biden administration\u2019s coordinated, ongoing effort across virtually every U.S. financial regulator to deny crypto firms access to banking services.\u201d<\/p>\n

Closing the Exits<\/h2>\n

Bitcoin advocate Alistair Milne said<\/a>: \u201cThe U.S. imposing capital controls (\u2018Operation Chokepoint\u2019) means they are afraid for the dominance of the USD. The [U.S. dollar] is being eroded from [three] sides: Bitcoin\u2019s fixed supply safe haven, inability\/unwillingness to stop printing trillions (MMT), [and] BRICS scaling non-USD trade.\u201d Venture capitalist Balaji Srinivasan recently said<\/a> hyperinflation is happening now and believes bitcoin can reach $1 million per coin in 90 days. Srinivasan also agrees that access to crypto is closing.<\/p>\n

\u201cThe Fed is closing the exits,\u201d Srinivasan opined<\/a>, referring to Kraken\u2019s recent decision to pause ACH transfers. \u201cThey can\u2019t do so globally. There are now enough banks outside Fed control. But if you\u2019re within the broad West \u2026 You may only have weeks or even days. Buy bitcoin and get your coins off exchanges.\u201d In another tweet, Srinivasan stressed<\/a> that people should go to crypto-friendly destinations as it\u2019s possible bitcoin could be outlawed like gold<\/a> was in the U.S. in the 1930s.<\/p>\n

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They\u2019re going to attempt to limit\/block the exit ramps to bitcoin exchanges as the banking system gets run. <\/p>\n

It\u2019s starting.<\/p>\n

\u2014 Dylan LeClair \ud83d\udfe0 (@DylanLeClair_) March 22, 2023<\/a><\/p>\n<\/blockquote>\n

Many others share Srinivasan\u2019s view and that of Operation Chokepoint believers. The Twitter account called Stack Hodler asked<\/a>: \u201cWhat good is bitcoin if they close the on and off ramps?\u201d The individual continued by answering his own question: \u201cClosing the ramps means trapping you in the room with $31.6 trillion worth of debt. Get your monetary energy outside of the system BEFORE they debase\/confiscate your entire life savings. Once you have your monetary energy in a neutral reserve asset, you may need to physically move to a friendly jurisdiction to benefit from it. But at least you\u2019ll have the option.\u201d<\/p>\n

Bitcoin supporter Michael Ruiz wrote<\/a>: \u201cBitcoin circular economy or bust. On and off ramps are shutting down,\u201d sharing a screenshot of the Kraken ACH news. However, not everyone is as enthusiastic as some bitcoiners who believe bitcoin will provide better options. With the government cracking down and regulators in full force, some are skeptical<\/a> about unfinished scaling solutions and the fact that bitcoin adoption hasn\u2019t produced a circular economy. Furthermore, people have questioned Srinivasan and others about the government banning off-ramps and what people should do if that happens.<\/p>\n

\u201cSo we all buy bitcoin and get it off exchanges, if there are no on-off ramps, what do we do? What\u2019s the future from here? How do we trade, how do we spend it?\u201d one person asked<\/a> Srinivasan in his Twitter thread.<\/p>\n

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\nTags in this story
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ACCESS<\/a>, Access to crypto<\/a>, Alistair Milne<\/a>, anti-crypto message<\/a>, Balaji Srinivasan<\/a>, banks<\/a>, Barney Frank<\/a>, Biden Administration<\/a>, Bureaucrats<\/a>, Businesses<\/a>, Chokepoint<\/a>, Crypto Ecosystem<\/a>, crypto exchanges<\/a>, Cryptocurrency<\/a>, digital currency projects<\/a>, enforcement actions<\/a>, FDIC<\/a>, Hyperinflation<\/a>, new york<\/a>, nic carter<\/a>, operation chokepoint<\/a>, Regulators<\/a>, risky investments<\/a>, shutdown<\/a>, Signature Bank<\/a>, Silicon Valley Bank<\/a>, Silvergate Bank<\/a>, speculators<\/a>, U.S. Government<\/a>, United States<\/a><\/div>\n<\/div>\n

What do you think about the U.S. government\u2019s actions towards crypto businesses and assets? Do you believe they are purposely closing access to cryptocurrencies? Share your thoughts about this subject in the comments section below.<\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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