Democratic presidential candidate blames War on Crypto” for the latest bank bankruptcy

Democratic presidential candidate blames War on Crypto” for the latest bank bankruptcy

A democratic presidential candidate is against the growing anti-crypto mood within his party by blaming the "war against crypto" of the regulatory authorities for various bankruptcies that occurred in March.

The environmental and rapid Kennedy Jr. has spoken out against the general dealings of the bid government with the continuing banking crisis in the last few days and spoke out against the rescue approach of the financial authorities.

The war against crypto

in a tweet on Tuesday Kennedy supported an article by Ellen Brown entitled "How the War on Crypto triggered a banking crisis". The article outlined how measures of the Federal Deposit Insurance Corporation (FDIC) and the Securities and Exchange Commission (SEC) contributed to the downfall of Silicon Valley Bank (SVB), Signature Bank and Silvergate Bank

"FDIC and SEC are not authorized to wage an extraordinary war against crypto, which leaves great banks as collateral damage," said Kennedy.

Leading representatives of the crypto industry have been in the past few months due to a suspected government confusion, which is colloquially referred to as "Operation ChePoint 2.0", a subtle attempt to dissuade the banking sector, serve crypto companies and blockchain companies off the coast with unclear and arbitrary To frighten enforcement measures.

Caitlin Long, CEO of the crypto-friendly Custodia Bank claimed last April that the SEC punishes crypto company who try to punish themselves with a deliberate signal, "damn to keep away". Brian Armstrong, CEO of Coinbase, did this also recommended that Coinbase could try to move his headquarters outside the United States if local regulatory challenges remain.

Even Barney Frank-a former US congress member and board member of the Signature Bank at the time of its closure-claimed that the closure of the crypto-friendly bank was unnecessary and was specifically intended to " Anti-crypto message " to other banks.

While some crypto support politicians have done this attention called after the "regulation by enforcement" approach of the seconds come from the republican island. In contrast, congress democrats show fatigue in the cryptosector and begin to ask whether there is a legitimate application at all.

On Tuesday the White House published Guidelines for Congress, in which the political decision-makers are encouraged, a consumption tax on the Bitcoin mining as part of the federal balance Say goodbye so that the miners arise for the "economic and ecological costs" that they cause.

Kennedy's crypto support

A surveyed by Kennedy's tweet criticized the presidential candidate for the defense of crypto and questioned his claims on environmental protection in view of the "enormous amount of energy" that would be used by technology. The lawyer then assured that this criticism was a "misunderstanding" and promised to write the topic this week.

Kenedy also faced Central Bank Digital Currencies (CBDCs)-a money form supported by the government, which is often supported by traditional crypto supporters Style = "Font-Weight: 400"> as an intervention in privacy.

"A CBDC that is bound to a digital ID and a social credit value will enable the government to freeze their assets or to limit their expenses to approved providers if they do not meet arbitrary dictations," argued Kennedy in a twe.

The comments of the candidate in particular refer to the new Fednow payment service of the central bank, which the Federal Reserve operates clear

cover picture with the kind permission of the People Magazine.

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