Biden's "Chokepoint 2.0" Targets Ethereum Developer ConsenSys

Ethereum software developer ConsenSys has revealed that it was subjected to financial pressure related to "Operation Chokepoint 2.0" twice during the Biden administration. The company's founder and CEO, Joseph Lubin, disclosed that JPMorgan Chase attempted to resist pressure from regulatory agencies such as the Federal Deposit Insurance Corporation (FDIC) to maintain account services for the $7 billion valued company. However, ConsenSys was eventually forced to close its account.

Lubin stated that the bank had explicitly said at the time, "We like you, we don't want to do this, we will delay this process as much as possible." However, after Trump won the election last November, the bank relationship manager immediately reached out to ConsenSys' CFO to seek to restore the business relationship.

This incident highlights the challenges faced by cryptocurrency companies in maintaining banking services due to regulatory pressure. The cryptocurrency industry has been under scrutiny from regulatory agencies, leading to a crackdown on the industry known as "Operation Chokepoint 2.0." This operation aims to limit the ability of cryptocurrency companies to access banking services, making it difficult for them to operate and grow.

The impact of this operation on the cryptocurrency industry has been significant. Many cryptocurrency companies have struggled to maintain banking services, leading to a decline in the industry's growth and development. Additionally, the lack of access to banking services has made it difficult for cryptocurrency companies to comply with anti-money laundering and know-your-customer regulations, further exacerbating the challenges faced by the industry.

The future of the cryptocurrency industry remains uncertain. As regulatory pressure continues to mount, cryptocurrency companies may face further challenges in maintaining banking services. However, the industry has shown resilience in the face of adversity, and many companies are exploring alternative solutions to the banking problem. As the industry continues to evolve, it will be important for regulatory agencies to work with cryptocurrency companies to find a balance between protecting consumers and promoting innovation in the industry.