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The Joe Biden administration’s war on cryptocurrencies is raising huge suspicions of political motivation among a growing number of experts. Republican representatives want to get to the root of this issue to prevent partisan interests from using federal agencies as ideological weapons.
Arkansas Republican state Rep. French Hill recently revealed a plan to investigate the outgoing administration’s anti-crypto campaign. It states that it will be carried out in the most impartial manner possible and the objective is to free the agencies from partisan influence.
For the past four years, agencies like the Securities and Exchange Commission presented themselves as staunch enemies of innovation. Consequently, this attitude, which is probably politically motivated, would have cost the innovation sector hundreds of millions of dollars. Thus, another objective of this plan is to protect industries such as cryptocurrencies.
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According to critics of the Democratic approach against the world of cryptocurrencies, federal agencies must separate themselves from partisan objectives. The so-called operation Chokepoint 2.0 would have highlighted the negative role of partisan ideology for the interests of the United States.
Hill wants to get to the root of the war on cryptocurrencies
«There should be no room for political persecution against businesses in the United States financial system. “I plan to fully investigate Operation Chokepoint 2.0,” Hill said on his X account. The nickname is derived from Operation Chokepoint in 2013. Back then, the DoJ launched an aggressive pressure campaign against financial institutions to break relationships with high risk asset firms.
The operation received great criticism, given that it harmed legally established businesses with a regime of political persecution. Currently, representatives of the Cryptocurrency world consider that the Biden government’s approach was a reissue of that campaign.
For cryptocurrency players, investors, developers and enthusiasts, this proposal from Hill is timely. It makes it clear that the measures against the crypto world and innovation in general have political motivations. Furthermore, these motivations become counterproductive to the role of US technological leadership.
However, the main measure to prevent the operation from continuing to cause problems in the future is the establishment of clear regulation. With a specific legal framework for the cryptocurrency sector, old laws cannot be used as an obstacle to future developments.
It is important to keep in mind that the war against cryptocurrencies not only financially damaged companies. In addition, it caused great damage to the reputation of specific industries such as digital Mining. While this sector was accused without evidence of polluting the environment, the reality is that it is one of the industries with the greatest ESG potential in the world.
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