- Operation Chokepoint is evidence of an oppressive regime.
- Joe Rogan cannot believe the extent of the crypto crackdown.
- Industry figures share their experiences.
Although Kamala Harris adopted a pro-crypto stance during her presidential campaign, the Biden administration’s tenure has been marked by a wave of harsh crackdowns on the crypto industry, which some have described as a deliberate “War on Crypto.”
Speaking on The Joe Rogan Experience, Marc Andreessen, co-founder of Andreessen Horowitz, shed light on the oppressive tactics aimed at crypto entrepreneurs. His account painted a picture of government overreach, exposing how bureaucrats have targeted emerging technologies in ways that shocked even Rogan himself.
Joe Rogan in Disbelief
Detailing his experience and insights on the War on Crypto, Andreessen highlighted the role of independent federal agencies, singling out the Consumer Financial Protection Bureau (CFPB,) claiming that this agency was used to stifle crypto firms and competitors to legacy banks.
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Andreessen went on to describe how the CFPB allegedly spearheaded debanking campaigns against individuals and companies deemed unfavorable by the current administration, including political opponents, much to the disbelief of Joe Rogan.
The co-founder likened these actions to the infamous Operation Chokepoint, a strategy from 15 years ago under the Obama administration, which targeted legal businesses in contentious sectors like firearms and cannabis.
While Operation Chokepoint has been criticized as a shadowy and oppressive initiative, Dru Stevenson, a South Texas College of Law Houston professor, argued that many of the allegations are overstated. He suggested that much of the backlash was driven by gun lobbyists seeking to advance their agendas and push for loose legislation.
Nonetheless, Andreessen contended that Operation Chokepoint 2.0 was particularly insidious due to its covert nature. While constitutional rights are acknowledged on paper, he argued, government officials discreetly pressured private banks to act.
According to Andreessen, this approach effectively created a “privatized sanctions regime” targeting crypto entrepreneurs and anyone challenging traditional financial institutions.
Crypto Figures Share Their Experiences
Andreessen added to the shock by pointing out that the process operates without due process, official records, or an avenue for appeal, making it a prime example of unchecked government overreach.
Jesse Powell, co-founder of Kraken, shared his firsthand experience of being targeted by Operation Chokepoint 2.0. He revealed that being debanked placed enormous pressure on the company, pushing it to the brink of collapse. They survived by shifting their focus to Europe, where regulatory environments were less oppressive.
Cameron Winklevoss, co-founder of Gemini, demanded that the officials responsible face prosecution for their actions. His push for justice highlights the frustration among industry leaders who feel their businesses were under siege without justification.
The impact isn’t limited to the US. Bitcoin podcaster Peter McCormack shared his own struggles with being debanked in the UK. His personal bank account was closed after payment to a crypto exchange, and his podcasting business encountered disruptions with multiple banks, highlighting the widespread nature of the crackdown on crypto.
On the Flipside
- Trump‘s election win has brought optimism to the crypto industry.
- Andreessen cited debanking and SEC regulatory pressure as a double whammy.
Why This Matters
While most uphold ideals of fairness and democracy, Operation Chokepoint suggests shadowy figures manipulate power to undermine these principles behind closed doors.
Law firm joins the pushback against unjust regulatory pressure.
Here’s Why Regulators Were Accused of “Illegal Overreach” Against Crypto Industry by Cooper & Kirk Law Firm
Hoskinson prioritizes building a trustless Cardano-Bitcoin bridge.
Cardano to Build Own Bitcoin Bridge After Developer Token Row
