{"id":519797,"date":"2023-02-15T20:08:03","date_gmt":"2023-02-15T20:08:03","guid":{"rendered":"https:\/\/ktsl888.com\/?p=519797"},"modified":"2023-02-15T20:08:03","modified_gmt":"2023-02-15T20:08:03","slug":"is-the-biden-administration-behind-attack-on-crypto","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/is-the-biden-administration-behind-attack-on-crypto\/","title":{"rendered":"Is The Biden Administration Behind Attack On Crypto?"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">The attack on crypto projects is sanctioned from the very top of the Biden administration, a source who didn\u2019t want to be named has said.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">The Biden Administration Sanctioned The Attack On Crypto<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Talking to crypto podcaster Tony Edwards, host of &#8220;Thinking Crypto,&#8221; the source said the operation codename Chokepoint 2.0 expressly targets cryptocurrency projects, most of which are rooted in the United States and continue to offer citizens access to various products.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">1\/ \ud83d\udea8Important\ud83d\udea8<\/p>\n<p>I spoke to a source who cannot be named and they gave me insight into the attack on <a href=\"https:\/\/twitter.com\/hashtag\/Crypto?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#Crypto<\/a> aka Operation Chokepoint 2.0. This person worked in Gov and now in the crypto industry.<\/p>\n<p>\ud83e\uddf5below<\/p>\n<p>&mdash; Tony Edward (Thinking Crypto Podcast) (@ThinkingCrypto1) <a href=\"https:\/\/twitter.com\/ThinkingCrypto1\/status\/65096449?ref_src=twsrc%5Etfw\" rel=\"nofollow\">February 14, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span data-preserver-spaces=\"true\">The source, who previously worked in the government before branching out to crypto, said leaders approved the crypto attack in effect in the United States. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The \u201cnegative\u201d attitude from the Biden administration stems from, among others, Janet Yellen, the Secretary of the Treasury, who is known to be against crypto and Bitcoin, and Gary Gensler, the head of the Securities and Exchange Commission (SEC).\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/news\/blockchain-association-wants-to-stem-sec-regulation-by-enforcement\/\">Blockchain Association Files Amicus Brief, Wants To Stem SEC\u2019s \u2018Regulation By Enforcement\u2019 Trend<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">For this reason, top companies, such as crypto exchange Kraken, Binance, and others, have been under pressure. The crypto market has ignored these attacks for the time being, as reflected by the price action of Bitcoin and other cryptocurrencies.\u00a0<\/span><\/p>\n<figure id=\"attachment_519800\" aria-describedby=\"caption-attachment-519800\" style=\"width: 840px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-519800\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/02\/Bitcoin-Price-On-February-15.png?resize=840%2C518\" alt=\"Bitcoin Price On February 15\" width=\"840\" height=\"518\" srcset=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/02\/Bitcoin-Price-On-February-15.png?w=840 840w, https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/02\/Bitcoin-Price-On-February-15.png?w=460 460w, https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/02\/Bitcoin-Price-On-February-15.png?w=768 768w, https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/02\/Bitcoin-Price-On-February-15.png?w=750 750w\" sizes=\"(max-width: 840px) 100vw, 840px\"><figcaption id=\"caption-attachment-519800\" class=\"wp-caption-text\">Bitcoin Price On February 15: Source: <a href=\"https:\/\/www.tradingview.com\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSDT On Binance, TradingView<\/a><\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">Reportedly, Gary wants more power to be given to the SEC. Furthermore, talk of the Federal Reserve eventually issuing a stablecoin has come into the picture. The source said that projects issuing stablecoins, including Paxos and Circle, undermine the Fed and the broader banking industry since it makes money control challenging. Stablecoins, it is said, &#8220;won\u2019t usurp the digital dollar.&#8221;<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The vigor demonstrated by officials from the Securities and Exchange Commission (SEC), the Commodity Futures Exchange Commission (CFTC), and various agencies, including the New York Department of Financial Services (NYDFS), is because they know there &#8220;will be no consequences, at least for now,&#8221; the source claimed.\u00a0<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">SEC Worrying Crackdown On Cryptocurrency Projects<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">The SEC has been cracking down on various cryptocurrency projects, claiming that they breached regulations in the United States and are actively offering unregistered securities. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Ripple Inc., whose officials, including Bradley Garlinghouse, were earlier accused of raising $1.3 billion from selling XRP, which the SEC claims is an unregistered security.<br \/>\n<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In recent weeks, the SEC settled with Kraken, a cryptocurrency exchange, for $30 million with an agreement that they had to close down their crypto as a staking service in the United States. <\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/news\/ethereum\/sec-goes-after-ethereum-staking-but-what-happens-to-all-the-staked-eth\/\">SEC Goes After Ethereum Staking, But What Happens To All The Staked ETH?<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">The agency also won a protracted case against LBRY, a file-sharing and payment network. A District Court in New Hampshire agreed with the SEC that LBRY sold unregistered securities when they issued LBC to users. As a result, the SEC had the right to give a permanent injection against the sale of the project\u2019s token while also asking for disgorgement for all fees received with interest.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Paxos, the firm behind the Binance branded stablecoin BUSD, also received a Wells notice from the SEC. Gary Gensler and his team are convinced BUSD is an unregistered security. The NYDFS also requested them not to issue any new tokens.\u00a0<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Feature image from AP \/Susan Walsh, Chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The attack on crypto projects is sanctioned from the very top of the Biden administration, a source who didn\u2019t want to be named has said. The Biden Administration Sanctioned The Attack On Crypto Talking to crypto podcaster Tony Edwards, host of &#8220;Thinking Crypto,&#8221; the source said the operation codename Chokepoint 2.0 expressly targets cryptocurrency projects, most of which are rooted in the United States and continue to offer citizens access to various products. 1\/ \ud83d\udea8Important\ud83d\udea8 I spoke to a source who cannot be named and they gave me insight into the attack on #Crypto aka Operation Chokepoint 2.0. This person worked in Gov and now in the crypto industry. \ud83e\uddf5below &mdash; Tony Edward (Thinking Crypto Podcast) (@ThinkingCrypto1) February 14, 2023 The source, who previously worked in the government before branching out to crypto, said leaders approved the crypto attack in effect in the United States. The \u201cnegative\u201d attitude from the Biden administration stems from, among others, Janet Yellen, the Secretary of the Treasury, who is known to be against crypto and Bitcoin, and Gary Gensler, the head of the Securities and Exchange Commission (SEC).\u00a0 Related Reading: Blockchain Association Files Amicus Brief, Wants To Stem SEC\u2019s \u2018Regulation By Enforcement\u2019 Trend For this reason, top companies, such as crypto exchange Kraken, Binance, and others, have been under pressure. The crypto market has ignored these attacks for the time being, as reflected by the price action of Bitcoin and other cryptocurrencies.\u00a0 Reportedly, Gary wants more power to be given to the SEC. Furthermore, talk of the Federal Reserve eventually issuing a stablecoin has come into the picture. The source said that projects issuing stablecoins, including Paxos and Circle, undermine the Fed and the broader banking industry since it makes money control challenging. Stablecoins, it is said, &#8220;won\u2019t usurp the digital dollar.&#8221; The vigor demonstrated by officials from the Securities and Exchange Commission (SEC), the Commodity Futures Exchange Commission (CFTC), and various agencies, including the New York Department of Financial Services (NYDFS), is because they know there &#8220;will be no consequences, at least for now,&#8221; the source claimed.\u00a0 SEC Worrying Crackdown On Cryptocurrency Projects The SEC has been cracking down on various cryptocurrency projects, claiming that they breached regulations in the United States and are actively offering unregistered securities. Ripple Inc., whose officials, including Bradley Garlinghouse, were earlier accused of raising $1.3 billion from selling XRP, which the SEC claims is an unregistered security. In recent weeks, the SEC settled with Kraken, a cryptocurrency exchange, for $30 million with an agreement that they had to close down their crypto as a staking service in the United States. Related Reading: SEC Goes After Ethereum Staking, But What Happens To All The Staked ETH? The agency also won a protracted case against LBRY, a file-sharing and payment network. A District Court in New Hampshire agreed with the SEC that LBRY sold unregistered securities when they issued LBC to users. As a result, the SEC had the right to give a permanent injection against the sale of the project\u2019s token while also asking for disgorgement for all fees received with interest. Paxos, the firm behind the Binance branded stablecoin BUSD, also received a Wells notice from the SEC. Gary Gensler and his team are convinced BUSD is an unregistered security. The NYDFS also requested them not to issue any new tokens.\u00a0 Feature image from AP \/Susan Walsh, Chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":519799,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[87843,428,84032,6664,14737,3799,4531],"class_list":["post-519797","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-biden-administration","tag-bitcoin","tag-busd","tag-crypto","tag-paxos","tag-sec","tag-xrp"],"acf":[],"yoast_head":"\n<title>Is The Biden Administration Behind Attack On Crypto?<\/title>\n<meta name=\"description\" content=\"Sources indicate that the Biden administration is reportedly behind the recent spate of attacks against crypto projects.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. 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