Odaily Planet Daily News Ripple Chief Technology Officer David Schwartz recently joined the list of tech founders opposing Operation Chokepoint 2.0, a de-banking initiative targeting the cryptocurrency industry launched by the U.S. government. Schwartz stated that the government is 'addicted to indirect regulation' and listed four reasons why de-banking undermines the rule of law. He believes that entities that are de-banked will switch service providers or move funds underground, thus completely evading monitoring and sanctions control. Moreover, de-banking undermines due process, freedom of speech, and the right to oppose unlawful searches and seizures. Schwartz wrote, 'It is precisely because of these shortcomings that our government is addicted to indirect regulation. Pressuring others to punish these entities is cheaper and easier than charging them with a crime and providing due process, but the government should not punish them without providing due process.' He added, 'Pressuring banks to cut off undesirable businesses is easier than deeming those businesses illegal,' and urged the government to regulate businesses using legal and transparent procedures. (Cointelegraph)

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