Charles Hoskinson, the founder of Cardano (ADA), has weighed in on a 35-page long letter written by the law firm Cooper & Kirk and addressed to the US Congress. The letter titled “Operation Choke Point 2.0: The Federal Bank Regulators Come For Crypto” accuses US regulators of launching a coordinated campaign against the cryptocurrency industry, comparing it to Operation Choke Point, which targeted businesses such as gun stores and payday lenders.
The Letter’s Claims
Cooper & Kirk alleges that regulators are using “informal guidance documents” to target crypto businesses and their customers as risks to the banking system. As a result, crypto firms are losing their bank accounts or access to the ACH network, and their owners and employees are having their personal accounts closed suddenly and with no explanation.
The law firm urges Congress to hold regulators accountable and proposes a series of questions that need to be answered and steps that Congress should take to obtain these answers.
Hoskinson’s Response
Hoskinson praised the letter, calling it “meticulously resourced” and “the most detailed letter” he has seen on the topic. He recommended that viewers forward the letter to their congresspeople and senators and emphasized that regulatory abuse was taking power away from Congress.
This is not the first time Hoskinson has criticized regulators. He previously called the White House Economic Report that criticized digital assets “a pathetic joke” and “a piece of garbage.”
Conclusion
Hoskinson’s comments come amid a regulatory crackdown on the crypto industry that has culminated in a lawsuit against Binance, the world’s largest crypto trading platform. The letter by Cooper & Kirk adds to the growing chorus of voices calling for regulatory accountability and oversight.
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