Ripple CTO David Schwartz highlights the potential dangers of the government’s indirect regulation.
Indirect regulation could lead to First Amendment violations and Fourth Amendment evasion.
Elon Musk posits that debanking someone for their political views should be considered a federal crime.
Ripple’s Chief Technology Officer (CTO) David Schwartz criticized “Operation Chokepoint 2.0,” calling it a form of indirect government regulation. Schwartz argues that governments are pressuring banks and financial institutions to deny services to certain individuals or businesses, even without evidence of wrongdoing. In an X post, Schwartz condemned this practice as a “despicable evil” that undermines due process and the rule of law.
Operation Chokepoint 2.0 was (is?) a government operation to pressure banks to unbank "disfavored" people and businesses, despite no evidence or accusations of unlawful conduct. The mechanism used, indirect regulation, is a despicable evil that is used as an end run around due… https://t.co/tMnXKfiF5D
— David "JoelKatz" Schwartz (@JoelKatz) November 30, 2024
Indirect Regulation: An End Run Around Due Process?
Schwartz ex…
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