{"id":51409,"date":"2024-08-11T01:42:00","date_gmt":"2024-08-11T01:42:00","guid":{"rendered":"https:\/\/cointelegraph.com\/news\/fed-action-customers-bank-harris-crypto-reset"},"modified":"2024-08-11T07:32:55","modified_gmt":"2024-08-11T07:32:55","slug":"harris-campaigns-crypto-reset-questioned-amid-fed-crackdown","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=51409","title":{"rendered":"Harris campaign\u2019s crypto \u2018reset\u2019 questioned amid Fed crackdown"},"content":{"rendered":"

The enforcement action taken by the United States Federal Reserve against the crypto-friendly Customers Bank has sparked speculation that Vice President Kamala Harris\u2019 presidential campaign may not be genuine in its efforts to mend relations with the cryptocurrency industry.<\/p>\n

On Aug. 9, Gemini co-founder Tyler Winklevoss took to X to highlight the Fed\u2019s actions. \u201cToday, the Fed confirmed that Operation Choke Point 2.0 remains in full swing, provided valuable insight into how it works, and verified that the Harris crypto \u2018reset\u2019 is a scam,\u201d Winklevoss said.<\/p>\n

Crypto banking crackdown<\/h3>\n

The Fed\u2019s 13-page enforcement action against Customers Bank mandates it to provide a 30-day advance notice before entering any new banking relationship with a cryptocurrency company.<\/p>\n

Winklevoss highlighted the broader implications of the enforcement action, stating that Customers Bank is one of the few remaining crypto-friendly banks in the United States. He said that the Federal Reserve is now controlling access to banking services for crypto companies, essentially deciding who can and cannot open a bank account, thereby limiting their ability to operate.<\/p>\n

\"\"
Source: Tyler Winklevoss<\/em><\/figcaption><\/figure>\n

He criticized the centralization of decision-making power within the Fed, arguing that such decisions should be decentralized across the banking industry and made at each bank\u2019s discretion.<\/p>\n

Hoskinson joins Winklevoss<\/h3>\n

In response to Winklevoss\u2019 statement, Cardano founder Charles Hoskinson echoed the sentiment that the current US administration is hostile toward the crypto industry.<\/p>\n

Related: <\/em><\/strong>Federal Reserve Board drops enforcement action against Silvergate<\/em><\/strong><\/p>\n

Hoskinson believes President Joe Biden\u2019s administration is actively working against the crypto industry, and this stance has not changed. He warns that voting for Harris would harm the US crypto industry, implying that she would continue this perceived \u201cwar on crypto.\u201d<\/p>\n

In a letter sent to Democratic National Committee Chair Jaime Harrison in July, a group of US lawmakers and congressional candidates from various districts called on party leaders to adopt a progressive stance on digital assets\u00a0and blockchain technology.<\/p>\n

Between March and August 2023, the US banking sector faced a tumultuous period marked by the downfall of several banks that catered to crypto businesses, including Silvergate Bank, Signature Bank and Silicon Valley Bank.<\/p>\n

Magazine: <\/em><\/strong>Silicon Valley Bank down, USDC depegged, FTX billed $34M in Jan.: Hodler’s Digest<\/em><\/strong><\/p>\n

Check other news for today<\/span> and Please stand by..<\/p>\n

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\"\"<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The enforcement action taken by the United States Federal Reserve against the crypto-friendly Customers Bank has sparked speculation that Vice President Kamala Harris\u2019 presidential campaign may not be genuine in its efforts to mend relations … Harris campaign\u2019s crypto \u2018reset\u2019 questioned amid Fed crackdown<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":51410,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5651],"tags":[139,143,3812,5652,159],"class_list":["post-51409","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptonews","tag-bitcoin","tag-btc","tag-cryptonews","tag-emilynews","tag-hyipnews","exalt-entry"],"yoast_head":"\nHarris campaign\u2019s crypto \u2018reset\u2019 questioned amid Fed crackdown - EmilyNews<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/emilynews.com\/blog\/?p=51409\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Harris campaign\u2019s crypto \u2018reset\u2019 questioned amid Fed crackdown - 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