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"Events of the last six months have put a damper on entities wanting to bank this space [crypto]," said another panelist, Richard Booth, chief compliance officer of Fortress Trust Company. "But it's legal business and I think that every business in this country is entitled to access to banking rails."
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United States Congressman Byron Donalds criticized the country's regulatory agencies on April 12 at the NFT.NYC 2023 conference in New York. According to Donalds, agencies like the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC) and others are being used to activate "Operation Choke Point 2.0" by
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Banking enforcement targeting legal crypto businesses appears to violate the FDIC's mandate. It may also be amplifying financial contagion. Source
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If the United States government really is implementing "Operation Choke Point 2.0" it will hurt financial stability and may have contributed to the collapse of Silicon Valley Bank (SVB) according to Donald Trump’s former Acting White House Chief of Staff, Mick Mulvaney.“I don’t want to think that the government would
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Last week, Silvergate Bank, a California firm that catered to crypto companies, said it would “voluntarily liquidate” and shut down. Days later, tech startup-focused firm Silicon Valley Bank (SVB), which had some crypto clients, was closed by the California Department of Financial Protection and Innovation, which said the bank had
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Just as Bitcoin was a spark for the cryptocurrency movement, it seems that Ethereum is likely to take a similar role in the history of DeFi.Decentralized finance is undoubtedly the biggest hit of 2020, with $12 billion in total value locked looking like a realistic target for 2020. Over recent
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