In the grand halls of the Senate, the mighty Powell, chair of the Federal Reserve, did declare that a “fresh look” was needed at the curious case of crypto’s banking exclusion. 🕵️♂️
On the eleventh day of the second month, Powell, standing before the Banking Committee, did suggest that it was high time to revisit the strange tales of crypto businesses being shunned by the U.S. banking establishment. 📅
The leaders of the crypto realm, long sufferers of the whimsical “Operation Choke Point 2.0,” have decried the coordinated campaign to cut off their banking ties. Even the titans of tech have stepped forward, echoing tales of similar unfair fates. 🗣️
“We do not wittingly engage in such antics,” Powell professed, yet acknowledged, “we must toil to rectify this.” Responding to the queries of Senator Scott, chair of the Banking Committee, Powell was asked to commit to halting such unconstitutional practices. “Indeed,” he vowed, in the midst of the hearing. 🙅♂️
“I pledge to collaborate with thee on this… Let us, indeed, cast a fresh gaze upon this debanking affair,” Powell addressed Senator Scott and the esteemed Committee. 🤝
Last year, the crypto banking saga reached the hallowed halls of Capitol Hill, thanks to the sleuthing of Coinbase and Nic Carter, a knight of Castle Island Ventures. Carter unearthed secrets tied to the fall of Signature and Silvergate banks, revealing that crypto entanglements factored into the regulators’ final judgments. 🔍
Coinbase, in its quest for justice, sued the Federal Deposit Insurance Corporation, unearthing “pause letters” and a treasure trove of OCP 2.0 documents. Senator Cynthia Lummis, ever vigilant, warned the FDIC against any document-slaying during the bi-cameral quest. 📜
Now, both houses of Congress have embarked on their own inquiries. Senators and Representatives alike have held hearings on crypto’s banking woes, where even the skeptical Senator Warren called for a closer examination of the digital asset platforms’ grievances. 🏛️
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2025-02-11 21:26