As the highly anticipated 'Strangulation Action 2.0' in the cryptocurrency space gradually enters public view, David Sacks, the newly appointed cryptocurrency advisor by the Trump administration, has expressed deep concern about it.
He candidly stated on social media: Reports of 'Strangulation Action 2.0' causing harm to many individuals are incessant, and we must face this reality.
This statement is undoubtedly a response to the recent revelations of regulatory misconduct by Silvergate Bank's Chief Technology Officer Chris Lane.
Lane lamented that it was the heavy pressure from regulators, rather than the collapse of FTX, that became the last straw for the bank.
Sacks's involvement quickly sparked enthusiastic reactions within the cryptocurrency community, with many industry professionals expressing willingness to assist with his investigation.
They expect Sacks to lead the team to correct the injustices left over from the Biden era and bring new hope to the cryptocurrency industry.
At the same time, Coinbase is also unwilling to remain silent, publicly releasing excerpts from multiple suspension letters sent by the Federal Deposit Insurance Corporation, directly pointing to the existence of 'Strangulation Action 2.0.'
Coinbase has gone a step further, submitting a motion to the court to obtain the complete version of these letters to reveal the truth.
At the congressional level, Representative French Hill emphasized at the hearing that the new Congress should have the authority to halt, revoke, and investigate Strangulation Action 2.0.
With the Republican Party poised for a significant victory in the upcoming elections, they will have the ability to halt and reverse this inappropriate regulatory trend.
However, despite the rising opposition, the Financial Stability Oversight Council insists on advancing its concentrated risk agenda against the cryptocurrency industry, this time targeting stablecoins, claiming they pose a threat to national financial stability.
Caitlin Long, the CEO of Custodia Bank, strongly criticized this, accusing FSOC's anti-cryptocurrency rhetoric of forcing several banks to terminate their partnerships with cryptocurrency issuers.
Against this backdrop, how Sacks will play a role in the investigation of Strangulation Action 2.0 has become the focus of public attention.
Coinbase CEO Brian Armstrong has high hopes for Sacks, believing that his addition will inject a savvy, technology and business-supporting force into the government.
Additionally, next Wednesday, the Senate Banking Committee will vote on whether to re-nominate anti-cryptocurrency SEC Commissioner Caroline Crenshaw.
If the nomination is approved, Crenshaw will remain in office until 2029; if denied, President Trump will have the authority to appoint a new candidate. Under SEC Chairman Gary Gensler's leadership, Crenshaw has been a steadfast supporter of his regulatory agenda and had voted against approving a spot Bitcoin ETF. This series of events will undoubtedly further intensify the regulatory game in the cryptocurrency field.
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