• Cooper & Kirk PLLC released a white paper alleging that US federal regulators are engaging in a „clandestine financial war“ against the crypto industry.
• The report claims that regulatory bodies such as the Federal Deposit Insurance Corporation (FDIC) and the Options Clearing Corporation (OCC) are using „regulatory tools and pressure tactics“ to limit the extent to which digital assets can be integrated into the financial system.
• The law firm argues that Operation Chokepoint 2.0 deprives businesses of their constitutional rights to due process, violates the non-delegation doctrine, and anti-commandeering doctrine.
Regulators Accused of Illegal Overreach Against Crypto Industry
Cooper & Kirk PLLC, a Washington D.C. based law firm, has released a white paper alleging that US federal regulators are engaging in a “clandestine financial war” against the crypto industry. According to the report, regulatory bodies such as the Federal Deposit Insurance Corporation (FDIC) and Options Clearing Corporation (OCC) have been issuing informal guidance documents targeting crypto users deemed as posing higher risk to banks in order to limit their access to financial systems. This “Operation Chokepoint 2.0” is likened to similar initiatives during Obama administration that targeted fraudulent and high-risk industries like tobacco and payday lending which deprived businesses of their constitutional rights according to Cooper & Kirk’s report.
Questions Raised By Law Firm
The law firm has raised some important questions about this increased scrutiny on crypto industry: Are these measures really necessary? Do they comply with all applicable laws? Does it deprive Americans of key structural constitutional protections? What should be done about it?
Cardano Founder’s Comments
Charles Hoskinson, founder of Cardano commented on this letter in one of his YouTube videos expressing his concerns over this situation. He also urged Congress hold agencies accountable for their actions instead of just brushing them off or ignoring them altogether while demanding answers from them regarding their regulatory measures against cryptocurrencies industry.
Proposed Steps To Obtain Answers
Cooper & Kirk proposed certain steps for Congress with respect obtaining answers from agencies about these regulatory overreach issues: Holding hearings for discussion between members of Congress and agency officials; Requiring agencies to produce information regarding enforcement actions taken; Establishing oversight mechanisms within agencies; And requiring reports from independent experts/auditors assessing whether operations comply with applicable laws or not .
The crypto world has long been under heavy scrutiny by government regulators but recently it seems they have stepped up their efforts significantly resulting in unprecedented number of restrictions being imposed upon cryptocurrency industry participants as well as investors who rely upon its services for trading purposes or other activities related thereto. It remains unclear why exactly these measures have been taken but what is clear is that people affected by them should demand answers from authorities involved in order enforce accountability upon those responsible for any wrongful action taken against them without prior notice or explanation whatsoever .