Operation Chokepoint 2.0 extended to tech giants like Visa and Mastercard, as revealed by Balaji Srinivasan, showing US lawmakers pressured them to abandon Meta’s Libra project.
Operation Chokepoint 2.0 had an impact that extended beyond the crypto industry to tech titans such as Visa and Mastercard. The former CTO of Coinbase Exchange, Balaji Srinivasan, disclosed this information. Balaji shared a screenshot of a letter from US lawmakers to Visa, Mastercard, and Stripe in a post on X, urging them to withdraw from the Libra project, which is sponsored by Meta.
A Critical Examination of the Fintech Giants and Visa
As previously reported that US Treasury Secretary Janet Yellen purportedly contributed to the demise of the Libra project, as disclosed by David Marcus.
Balaji shared an excerpt from a letter signed by Senators Brian Schatz and Sherrod Brown that was sent to the fintech titans, which corroborates this expose. Visa and all payment service providers associated with the initiative were threatened with “scrutiny” in the letter.
He said the “scrutiny” of unrelated activities marked a signal to regulators to “invent violations and impose fines till their targets buckled.”
The whole thing was lawless.
By “scrutiny” of unrelated activities they were telling regulators to invent violations and impose fines till their targets buckled.
And if Democrats did this publicly to Meta, imagine what they did privately to citizens.https://t.co/wZmUPYEqm5 https://t.co/YGWyPanobo pic.twitter.com/P4K0qEwddJ
— Balaji (@balajis) November 30, 2024
In the interim, Terry Angelos, the former SVP of Crypto & Fintech at Visa, confirmed the company’s scrutiny. He observed that Democratic leaders contacted the payment giant with comparable communications, necessitating that the company reduce its cryptocurrency initiatives.
The primary concerns that crypto leaders have raised in relation to the activities of the US SEC were marked by this regulation by enforcement strategy. John Deaton, a pro-crypto counsel, has advocated for an investigation into Operation Chokepoint 2.0, based on this.
Will Operation Chokepoint 2.0 be terminated by Donald Trump?
Donald Trump will assume the presidency of the United States on January 20. Numerous industry executives are already advocating for the system’s cleanup in advance of this inauguration.
The Department of Government Efficiency (D.O.G.E.) has already initiated the process. Elon Musk and Vivek Ramaswamy have been appointed by the President-elect to serve as the heads of this commission. The objective remains to enhance the efficacy of government agencies.
Elon Musk has expressed apprehensions about the revelations surrounding Operation Chokepoint 2.0, which have been widely disseminated. It is uncertain whether the commission will pursue direct action to address these concerns in the future.
