‘Government has become addicted to indirect regulation’ — Ripple CTO
In a recent Joe Rogan interview, Mark Andreesen revealed that the debanking of tech firms caused the Silicon Valley shift toward Trump.
Ripple chief technical officer David Schwartz recently joined the list of tech founders speaking out against Operation Chokepoint 2.0 — a government-run debanking operation against the crypto industry. Schwartz said the government is “addicted to indirect regulation” and laid out four reasons why de-banking undermines the rule of law.
Schwartz argued that debanked entities switch service providers or take their funds underground — thereby evading surveillance and sanctions control altogether. The CTO also said de-banking undermines due process, freedom of speech, and the right against unlawful search and seizure. Schwartz wrote:
“It is easier to pressure banks to cut off disfavored businesses than to make that business illegal,” The CTO continued before imploring the government to use lawful and above-board processes to regulate businesses.
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Author: Vince Quill
