Ripple Institute's chief technology officer said the government needs to address the alleged unconstitutional banking suspension of many crypto and technology founders.
said Ripple CTO David Schwartz in a new thread on social media platform X. blame The government is pressuring banks to cancel unfavorable transactions with individuals and companies, even though there is no evidence that they have committed a crime.
According to Schwartz, this type of “indirect regulation” is unconstitutional because it ignores due process and the First Amendment.
Schwartz calls this trend “Orwellian nonsense” and calls for it to end once and for all.
“Our government is addicted to indirect regulation precisely because of these evils. Rather than accuse me of a crime and have due process go through it, I have no choice but to pressure someone to punish me.” But the government shouldn't punish people without due process.
It is easier to put pressure on banks to cut off a business than to make it illegal. But if the government wants to stop some commercial activity, it should ban it through a proper legislative process with full political responsibility, rather than forcing it underground through backdoor pressure.
End all indirect regulation. ”
Last week, Coinbase CEO Brian Armstrong announced that Massachusetts Democratic Sen. Elizabeth Warren and U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler will disrupt the crypto industry. He said he may have broken the law in his campaign against digital assets.
“Warren and Gensler tried to illegally destroy our entire industry, and that was a big reason why Democrats lost the election. Democrats recognized Warren's responsibility and gave them hope for a turnaround. If you want to keep it, you should keep your distance.”
Armstrong made the statement amid swirling rumors that the U.S. government has cut off 30 tech and cryptocurrency founders from banking services.
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