The second congressional negotiation on so many days investigating the alleged “deban” by us crypto operators brought us predictable call points and a wonderfully epic rant against those who insist “this time is different.”
On February 6, the American House of Representatives examined the alleged debate of US digital asset operators, a conspiracy theory known as Operation Choke Point 2.0. It came one day after the Senate Bank Committee Cravenly kowtowed to the crypto operators Who spent $ 130 million Increase pro-cryptocandas in last year’s election, so we had a good idea of what we can expect.
House Financial Services Committee Overg and Investigation Sub -Committee called its hearing Operation Choke Point 2.0: Biden administration’s efforts to put crypto in the cross chairs. The stated intention was to “investigate the negative effects” of bid’s anticryptocoral disorder so that the poles could “understand the depth of the problem and measures required to correct it.”
While some poles doubt that this crusade exists Outside the minds of the crypto operators – who publicly ask for “regulatory clarity” but quarrel as infants when the regulations require them to take some measures that adversely affect their final lines – the GOP majority is a fairly boring bunch.
As such, the almost three hour hearing was largely a waste of time for both its participants as well as the authors (AHEM) to report on this performative bullshit. Sometimes GOP-reps were similar to police officers who showed the crypto chiefs a doll and asked them to point to the part of the doll where the supervisory authorities had injured them.
“Crypto is Life” crew represented by Paul Grewal, Chief Legal Officer at Coin base (Nasdaq: Coins) exchange; Fred Thiel, CEO of Block reward miners Mara (Nasdaq: Mara); and Austin Campbell, CEO of Digital Payment Platform WSPN.
Those who are not unsurpassed by the alleged allure of digital gold were represented by Shayna Olesiuk, head of bank policy at Better marketsA nonprofit devoted to pushing back high finance’s baser impulses. Olesiuk is also a former 23-year-old veteran of the Federal Deposit Insurance Corporation (FDIC), a unit located in the heart of Crypto ‘debanking’ conspiracy theory.
Anyway, for speaking, pandating and crypto caterwauuling.
Dad says you’re fat; Mom assures you that you are just big -legged
The Sub-Committee Chairman Dan Meuser (R-PA) caused the ball to roll by describing the alleged crimes committed by the Federal Reserve, Securities and Exchange Commission (Sec) and all other federal units that dared to propose lithy of crypto needs, failures and mats as created as created as created ‘Crypto Winter’ 2022-23 motivated further review of crypto operators seeking unobstructed access to the US federally reverse banking system.
Ranking member Al Green (D-TX) suggested a more suitable title for today’s hearing would be ‘How (President Donald) Trump’s self-action will put investors at risk,’ a reference to the current occupant of 1600 Pennsylvania Avenue Issuing a memecoin Three days before the inauguration. The aforementioned Memecoin followed the course for almost all such tool -free symbols, raising in value and then sank and left their owners a serious case of the buyer’s regret.
This set the scene for the rest of the hearing, where Republicans agreed with almost everything that the crypto operators told them, while the Democrats offered a more skeptical view. Dems pointed out that the crypto sector was is about to get all that ever wanted (And then some) from the government, so why did these ticked about their injured feelings, like any public therapy session for overly sensitive snowflakes?
As a green so emphatically, it just expressed the fact that the supervisory authorities asked the banks to consider certain risks do not amount to debanal. But despite their “masters of the universe” schtick and public explanations that all they want are “regulatory clarity”, the same edgel words scream as children when any regulation dares to do something except to print money.
When Meuser regained the microphone, he asked Grawal about the effects of FDIC’s so -called “Paus Letter.” These letters asked the banks to pause plans to expand their crypto services until the supervisory authority could properly determine what the banks wanted to do and what FDIC – which would be on the hook for bailing out the banks Should crypto -Shenanigans lead to banking weight – was asked to approve.
Grawal’s response introduced a new phrase in the crypto-lexicon-a riff to the often repeated “regulation through enforcement” strategy that is alleged to have used such as a SEC-by-FDA FDIC to engage in “regulation by delay.”
The said fatigue refers to the process where the banks ‘answers failed to satisfy the supervisory authorities’ questions, so the supervisory authorities asked more specific questions, which the banks could not always answer briefly, which led to more questions, after which the banks thought this was not worth their time /effort and kicked crypto to the curb.
And yet, in some way, Coinbase’s share price has more than doubled over the past 12 months. Can you imagine the unthinkable heights that these shares could have achieved if the company had not been so persecuted? Why do you hate success, you godless communists?
We are here because we are here
One of the most important themes that the Democrats continued to bring up was the complete meaninglessness of the negotiation, given that the GOP majority in both legislative chambers and the GOP figure head is properly obsessed in the White House is prepared to give ‘crypto’ all that it is heart desires.
As with the Senate Negotiation, several Dems Subject to ELON MUSIC And his Department of the Government’s Efficiency (Dogge) —Ny cleansed by open racists From Thursday afternoon – some way to access sensitive government data. Rope. Nikema Williams (D-Ga) found that her constituents leak her office with conversations about the Musk issue, while not a single call referred to Crypto at all.
Other them: Er suggested that if fair access to banking services is the surveillance word, why are we not focused on the much greater problem with marginalized groups that are denied basic banking services because of their poverty, criminal history or color on their skin?
But discrimination obviously affects only white men with bald heads, bulging wallets and Nietzschean Superman complexes. The fact that Krypto Bros is currently drowning in cash is undeniable evidence of their inherent superiority for us only mortals, so how dare we stand in their way?
Not Pastor Al Green, but he knows how to testify
Ranking member Green was not moved by the crypto operators’ SOB stories and called references to Operation Choke Point 2.0 “A compound statement. Someone concluded that this is something that sells. “And the sale of this narrow concept to Congress has basically sold America down the river.
We let Green perform this coverage because we can’t say it better than this (And we encourage you to watch the video rather than read these words because he really nails the world -worn “I’ve seen this show before” delivery):
“I was here in 2008 when we had (Global Economic Meltdown). It was never said that too much regulation caused the problem.
I was here when Bernie Madoff made more than $ 60 billion. It was never said that too much regulation is what allowed him to do so.
(Silvergate Bank), Signature Bank … my colleagues have stated that it was the supervisory authorities that caused the problem. Lack of regulation … so the question becomes this – do you want too much regulation, too little regulation, or do you want it to be Goldilocks, just right? Wouldn’t we all?
The point is, given what happens without guardrails, because it relates to Cryptocurrency … would you agree that we need more guardrails? Anyone agree? (Witnesses raise their hands.) Everyone agrees. Well, where do the guardrail come from? Someone can say Congress … In order for Congress to act, you must have a congress act. Congress has not been able to act for various and various reasons … but the supervisory authorities are in a tough position. I wouldn’t want to be a regulator … because if a bank fails, you didn’t do enough. And then, if it does not in any way give you the kind of regulation you want, it is too much. I wouldn’t want to be a regulator.
But I know this. I was here to get all the complaints in 2008 … Many people who want less regulation will not be here to get the complaints. They come and they go. But there are some of us who have decided that we want to be here today and tomorrow and then … so I will not be angry with supervisory authorities because those who are regulated claim that they are over -regulated. I want to solve a problem, but I will not take all this and conclude that the supervisory authorities are over -regulating when you all agree that it should be the guardrails.
At some point, Congress must act. I have seen (waters and former rep. Patrick Mchenry) work to try to give us guardrails. But it is difficult to satisfy enough members to get something done. If these banks fail and you have a cascade event, we will find ourselves to go through 2008. When Silvergate and Signature Bank, they went down, one of our great fear was that this could be the beginning of a domino effect. And I remember how hard (Waters) worked with others to try to prevent this. So I thank you for your testimony. And I assure you, I will do what I can to make sure you are treated fairly. But if I will make mistakes, it will be on the side of regulating and not liberalizing. “
Look: Teranode is the digital spine in bitcoin
https://www.youtube.com/watch?v=wmmodftqxng Title = “Youtube Video Player” Framebord = “0” Allow = “Accelerometer; Autoplay; Clipboard Writing; Encrypted Media; Gyroscopes; Image-in-Image; Web-Share” Reference Policy = “Strict-Incorce-Corus origin” Allowed of screen = “”>
