According to Nic Carter, Co-Founder of Adventure Firm Castle Island and Crypto Intelligence Firm Coin Metrics, The Alleged Strategy Involves Isolating the Traditional Financial System from the Cryptocurrency Market by Depending on.
“Multiple Agencies to Discourage Banks from dealing with Crypto Firms.” The Goal of this Strategy is to lead Crypto Businesses to become “Completely Unbanked.
The Traditional Financial System is being Targeted by this Strategy. Regulators Intimidate and Shakedown Bank Leadership in the Background, and afterwards they Produce a Public Statement that banks are still allowed to hold Cryptocurrencies. In place of fact, they are not at all allowed to act thusly in any Capacity.
A Joint Statement was Issued on January 3 by the Federal Reserve, the Federal Deposit Protection Corporation (FDIC), and the Office of the Comptroller of the Currency warning about the risks of banks taking part in Crypto and Encouraging them to shun doing as such due to “Somewhere Safe and Secure and Soundness” Concerns.
“The bank Borrowed almost $10 billion from the United States Federal Home Loan Bank System in the last quarter of 2022.Banks are Reconsidering if it is Beneficial to continue providing these services.”
According to Comments made by the CEO of Coinbase, Brian Armstrong, on Twitter, one more focus for United States Authorities is by all Accounts the Prohibition of Crypto Staking Services for Retail Consumers.
Staking is a Method that Enables Investors in Cryptocurrencies to place their Digital Assets Heavily Influenced by a smart contract as a trade-off for impetuses and passive Income.
The Methods used by the Authorities in the US are not new. Operation Stifle Point was a regulatory program that was implemented by the federal government in 2013 and targeted a scope of “high-risk” sectors as well as increasing the Financial Institutions that provide services to these Companies have a level of oversight. Influences on Crypto Companies.