Charles Hoskinson calls for legislation to protect crypto businesses from future government crackdowns.
Ripple CTO David Schwartz condemns debanking as a violation of basic legal rights.
Coinbase, Cardano, and Ripple leaders unite in seeking transparency and legal reform to counter Operation Chokepoint 2.0.
Cardano founder Charles Hoskinson has publicly addressed the ongoing concerns surrounding Operation Chokepoint 2.0, a government-backed initiative that has sparked widespread debate in the cryptocurrency industry.
Hoskinson described the operation as a targeted attack against the global crypto space, pointing out the significant financial and emotional toll it has caused to businesses and individuals. He stressed the urgency of passing new legislation to protect the industry from such actions in the future.
Hoskinson’s comments, shared through a recent post on X (formerly Twitter), highlight the global scope of Operation Chokepoint 2.0, which has seen cryptocurrency businesses worldwide subjected to harassment, audits, fines, and banking service denials.
https://twitter.com/IOHK_Charles/status/1862887613067333644
According to Hoskinson, banks have been coerced into severing ties with crypto entities due to fears of damaging relationships with U.S. financial institutions. The initiative, he claims, extends beyond the borders of the United States, making it a challenge for the global crypto ecosystem.
Echoing the sentiments of other industry leaders, Hoskinson emphasized that the consequences of these actions have led to widespread economic hardship and psychological distress within the cryptocurrency sector.
He called on the industry to unite and lobby for new legal protections to prevent future government overreach against crypto businesses. “We have a small window of time to get a law passed,” Hoskinson wrote, urging swift collective action.
Other prominent figures in the crypto market have also spoken out against the debanking and regulatory pressures of Operation Chokepoint 2.0. Ripple’s Chief Technology Officer, David Schwartz, criticized the practice of debanking as a form of indirect regulation, arguing that it violates fundamental legal rights like due process and freedom of speech.
Additionally, Coinbase’s Chief Policy Officer, Faryar Shirzad, underscored the need for greater transparency and legal oversight of government agencies involved in these actions.
Several individuals have shared personal accounts of debanking, including entrepreneur Gabriel Abed, who revealed how his account with First Citizens Caribbean Bank was shut down after receiving a Bitcoin-related deposit from Kraken.
Abed’s story reflects the broader impact of the operation, particularly on international businesses in the crypto space.
