Cryptocurrency Founder Warns of Long-Term Impact from Global Campaign
The visionary behind a leading cryptocurrency has sounded the alarm about a coordinated global initiative, dubbed Operation Chokepoint 2.0, which poses a significant threat to the digital currency sector. According to Charles Hoskinson, the founder of Cardano, this effort is not just a localized issue but rather a broad, international challenge that could have longstanding repercussions.
Understanding Operation Chokepoint 2.0: An International Assault
Charles Hoskinson characterizes Operation Chokepoint 2.0 as a deliberate and organized crusade that appears designed to undermine the cryptocurrency industry. He expressed these concerns in a post on X, highlighting that political motivations have led many to underestimate the severity of the situation. Contrary to popular belief, Hoskinson asserts that this operation extends beyond the borders of the United States, affecting the global landscape of digital assets.
The adverse outcomes of Operation Chokepoint 2.0 have been profound, with numerous businesses facing significant challenges such as harassment, fines, audits, and de-platforming. Hoskinson warns that the damage inflicted by this campaign has far-reaching economic and emotional consequences, which may take years to fully rectify.
The Need for Legislative Protection of Cryptocurrencies
In light of these developments, Hoskinson urges leaders within the cryptocurrency industry to come together and advocate for protective legislation. He emphasizes the urgency of this task, as there is a limited window of opportunity to establish legal safeguards that would shield digital asset firms from future anti-crypto measures. Collaborative efforts among key industry figures could pave the way for effective legislative changes, especially with the support of influential political figures like President-elect Donald Trump, who has expressed intentions to back the industry and reform relevant regulations.
Industry Leaders Criticize the Crackdown
Prominent figures in the cryptocurrency sector have voiced their criticisms of Operation Chokepoint. An executive from a leading crypto firm recounted his experiences of being debanked by a non-US lender after receiving a cryptocurrency deposit. Gabriel Abed, an executive at Binance, shared a similar plight, revealing that First Citizens Caribbean Bank terminated his long-standing accounts due to a Bitcoin-related transaction.
This international banking response underscores the assertions made by Hoskinson that the issue is not confined to the United States but is indeed a global phenomenon. Coinbase CEO Brian Armstrong also weighed in, describing the debanking of crypto industry participants as a highly unethical maneuver in US history. He suggested that this campaign against cryptocurrencies might have been orchestrated with input from influential political figures and regulatory authorities.
In conclusion, the ongoing challenges posed by Operation Chokepoint 2.0 require urgent attention and action from cryptocurrency leaders worldwide. By uniting and advocating for robust legal protections, the industry can work towards a future where digital assets are safeguarded against similar threats.
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