12h00 ▪
5
min at reading ▪
American elected officials write history in terms of finance. No more dogma from previous years, make a way for disruption! After years of confusion and hostility to the digital assets Congress, he finally attacks controversial practice: “Debanking”. This exclusion of banking focused on many industries, including the market crypto. The Republican Senator Tim Scott brings the law to end these practices. Its goal? Guarantee a fair access to financial services and end the arbitrary decision of the bank.
The United States in the face of the “Debanking” challenge: a political battle under tension
While Bitcoin suffers from a record volatility in the face of US economic tension, American elected officials are busy. The aim of the Republican law led by Tim Scott is Disable the Bank’s access to the regulatory authorities For reasons of reputation. According to his supporters, many crypto companies were deprived of financial services under the pretext that they pose a “risk”.
This practice, convicted for years, has been particularly emphasized Case “Operation Chokepoint 2.0”.
This program, which some mentioned as a cabin organized biden administration, should targeted different industries considered sensitiveFrom weapons to the company’s crypto.
Tweet of 7 December 2024 Croxxed Out did not change his words:
The concept of debal is a form of financial banking worthy of authoritarian regime.
This statement illustrates the challenges of this struggle well.
The question arises: is it a truly deliberate Fed policy and large banks to reduce certain activities or a simple political paranoia?
In any case, Bill Tim Scott has already received support from at least 11 senators And the main players in finance like JPMorgan Chase. It remains to be found whether the congress will follow this initiative or whether the opponents can block the reform.
Crypto market in search of financial stability
Crypto industry already shaken by blurred and sometimes hostile regulationHe sees an oxygen cloud in this account. The question of debating has established itself as a recurring problem in recent years. Many sector entrepreneurs testify Difficulties in obtaining conventional banking servicesthat slows the development of innovation in the United States.
Marc Andreessen, what -foundder Andreessen Horowitz, recently pointed out this situation by claiming it More than 30 crypto and technology companies have been denied access to banks.
Its observation is cold:
It is a privatized sanction regime that allows bureaucrats to cause the same treatment we reserve for Iran.
Defenders of the market crypto believe that Bank discrimination slows down the competitiveness of the United States on the international scene.
Meanwhile, other countries, such as Switzerland or Singapore, accept politicians much more favorable to digital assets. The risk is real: If the United States persists in this journey, the crypto entrepreneurs could Look for refuge else.
Financial Regulation: The opportunity to clarify the rules of the game
The question of debating is a wider problem: financial regulation of digital assets. Bill Tim Scott could be the first step Toward a brighter and fairer environment. However, its opponents, including some democrats and regulators, are afraid that this initiative will take the door to risk banking practices.
The opposition was also heard on March 5 when the Senate met to discuss the text. The exchange passed on to x Ryan Grim shows the polarization of the debate:
” Republicans are preparing to legalize debating for ideological reasons. Where are Marc Andreessen, Zuckerberg and Elon Musk and others? »»
In the face of these tension, the crypt community hopes that a more accurate control framework will appear. Krypto Summit Donald Trump, scheduled for March 7, could also provide answers. The president, who recently criticized Bank of America and JPMorgan Chase for closing the bank accounts, could reveal his ambitions in terms of digital financing. Should we expect promises of revolution or simple campaigns?
Maximize your Cointribne experience with our “Read to Earn” program! For each article you read, get points and approach exclusive rewards. Sign up now and start to accumulate benefits.
Blockchain and crypto revolution! And the day when the impacts will be felt on the most vulnerable economy of this world, I would say against all hope that I was there for something
Renunciation
The words and opinions expressed in this article are involved only by their author and should not be considered investment counseling. Do your own research before any investment decision.