Balaji shared a screenshot of a letter lawmakers in US submitted to Visa, Mastercard, and Stripe, urging them to withdraw from the Meta-backed Libra project.
Operation Chokepoint 2.0 affected not only the cryptocurrency industry but also major technology companies like Visa and Mastercard. The former Chief Technology Officer of Coinbase Exchange, Balaji Srinivasan, was the one who brought this information to light.
The Visa and Fintech Giants a Scrutiny Checks
Balaji shared a screenshot of a letter lawmakers in the United States submitted to Visa, Mastercard, and Stripe, urging them to withdraw from the Meta-backed Libra project. Visa, Mastercard, and Stripe received the letter.
David Marcus previously revealed that Janet Yellen, the Secretary of the United States Treasury was allegedly involved in the cancellation of the Libra project. Balaji substantiated this exposure by disseminating a passage from a letter that Senators Brian Schatz and Sherrod Brown had signed and forwarded to the major players in the financial technology industry.
The letter threatened “scrutiny” against Visa and any other payment service providers involved in the scheme. He claimed that the “scrutiny” of unrelated activities signaled regulators to “invent violations and impose fines until their targets buckled.”
Terry Angelos, the former Senior Vice President of Crypto and Fintech at Visa, revealed that the company was under scrutiny during this period. Democratic leaders, he claimed, had called the payment giant with similar messages, forcing the company to scale back its activities in the cryptocurrency space.
This enforcement technique marked the key concerns that crypto leaders have raised in connection with the activities of the United States Securities and Exchange Commission. John Deaton, a lawyer who supports cryptocurrency, has called for an investigation into Operation Chokepoint 2.0, drawing on this information.
Will Donald Trump End Operation Chokepoint 2.0?
As soon as the 20th of January arrives, Donald Trump will inaugurate his tenure as President of the United States of America. Even before this inauguration, a significant number of influential people in the sector are already advocating for a systemic overhaul.
The Department of Government Efficiency (D.O.G.E.) is the one responsible for getting things moving in the right direction. The president-elect has already nominated Elon Musk and Vivek Ramaswamy to lead this commission.
The pursuit of efficiency across government entities was and will continue to be the goal. Elon Musk, like many others up to this point, has voiced his concerns in light of the Operation Chokepoint 2.0 findings. We remain to see whether the commission will actively explore these concerns in the future.
