Charles Hoskinson, founder of Cardano, has issued a serious warning about a coordinated global attack on the cryptocurrency industry – dubbed “Operation Chokepoint 2.0.” He believes it will take years to repair the damage.
A Coordinated Global Attack
Hoskinson describes Operation Chokepoint 2.0 as a systematic campaign targeting crypto businesses worldwide. He’s frustrated that many people downplay the severity of the situation, claiming it’s not as bad as the industry says. He insists it’s far worse than most realize, with international repercussions. The campaign has resulted in businesses facing harassment, fines, audits, and being de-platformed.
The Devastating Impact
Hoskinson warns of the significant economic and emotional harm caused by this crackdown. He believes it will take years to undo the damage inflicted on businesses.
The Urgent Need for Legal Protection
Hoskinson is calling for immediate action. He urges crypto leaders to unite and lobby for legislation to protect crypto firms from future attacks. He emphasizes the need for swift action, saying there’s a limited time window to pass protective laws. With President-elect Trump’s stated support for the industry and regulatory reform, there’s a chance for positive change.
Confirmed Experiences of Debanking
The claims aren’t just coming from Hoskinson. Binance executive Gabriel Abed shared his experience of being debanked by a Caribbean bank due to a Bitcoin deposit. He highlights that this isn’t just a US problem; international banks are cutting ties with crypto clients due to pressure from US banking standards. Coinbase CEO Brian Armstrong echoes these concerns, calling the debanking a highly unethical move and suggesting it was orchestrated by Senator Elizabeth Warren and SEC Chair Gary Gensler.
