As an analyst with a background in financial regulation and a personal experience of working with crypto companies undergoing regulatory challenges, I can’t help but side with Tyler Winklevoss’s perspective on the Biden administration’s handling of the crypto market regulations.
As a crypto investor, I’ve noticed that my twin brothers and other industry executives have recently expressed their backing for Trump’s 2024 presidential campaign. In a post on social media platform X, I, Tyler Winklevoss, voiced my concerns over the Biden administration’s approach to regulating our market. I believe their actions during his tenure have not been favorable to the crypto community.
As a researcher investigating the relationship between the Biden Administration and the crypto industry over the past few years, I’ve observed a troubling trend. The Administration has openly declared its hostility towards cryptocurrencies, using various government agencies to intimidate, harass, and even sue reputable actors in the field. These actions, which represent an unprecedented misuse of power, are primarily driven by political motivations and have significant consequences for innovation, the American taxpayer, and our economy as a whole. At this stage, no amount of justification or spin from the Biden Administration can undo the damage caused by these heavy-handed tactics.
As a researcher studying the developments in the crypto market, I’ve noticed that Gemini, a well-known exchange, has encountered numerous regulatory and legal hurdles over the past few years. In February 2024, for instance, the New York Department of Financial Services (NYDFS) ordered Gemini to refund at least $1.1 billion to its troubled customers who had participated in their Earn Program.
As an analyst, I’d rephrase it as follows: The company was compelled to pay an extra penalty of $37 million due to unsafe and unsound practices. Additionally, Gemini reached a $21 million settlement with the SEC without acknowledging any wrongdoing on their part.
Biden Administration Weaponizes Banking Against Crypto
In his extensive discourse on X, Tyler Winklevoss criticized the Biden administration for its alleged continuation of Operation Choke Point through covertly intimidating banks to cease collaborations with cryptocurrency companies. He asserted that banks are being menaced in private, and those that refuse to comply face repercussions.
Tyler Winklevoss pointed out that US regulatory agencies hold significant influence over banks, empowered to withdraw their operating licenses or FDIC deposit insurance at will under the guise of ensuring “safety and soundness.”
During his presidential run in 2024, Donald Trump, a former U.S. president, effectively advocated for the cryptocurrency sector. At a recent San Francisco fundraiser filled with tech leaders, he voiced opposition to Democratic regulations regarding this industry and reinforced his dedication to being known as the “crypto-friendly” or “crypto president.”
The Biden administration is attempting to engage with the crypto community as well, but so far, they have not successfully initiated meaningful dialogue with major crypto industry leaders due to current tensions.
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2024-06-21 10:52