Riot Platforms‘ Brian Morgenstern criticized the Biden administration’s Operation Chokepoint 2.0 for targeting Bitcoin miners, including a proposed 30% energy tax and stringent audits.
Brian Morgenstern, a public policy executive at Riot Platforms, has provided valuable insights into the manner in which Operation Chokepoint 2.0, implemented by the Joe Biden administration, affected the Bitcoin mining industry.
Morgenstern stated that the objective remains to “unplug” miners from the energy infrastructure, in line with the regime’s debanking endeavors. Morgenstern contends that the flag of this government overreach necessitates an urgent investigation.
Operation Chokepoint 2.0 in Bitcoin Mining
The mining industry’s chokehold began in 2022, according to Morgenstern and Sam Lyman’s OpEd. They remembered that the Biden Administration had published a white paper on central bank digital currencies (CBDCs) at that time. The White paper suggested that Bitcoin mining in the country be restricted or eliminated.
The Biden White House’s Operation Chokepoint 2.0 strategy was specifically emphasized by both individuals.
This involves the imposition of a 30% tax on the energy that mining enterprises use in their operations. The authors also observed that the government required a comprehensive energy audit from all Bitcoin producers earlier this year.
The government was successfully sued by these crypto mining firms for regulatory overreach, as opposed to caving in to the demand. They emphasized that the governments’ approach to managing emergent economies was to implement these unplugging agendas.
In the interim, numerous industry executives have also confirmed the existence of Operation Chokepoint 2.0 manifestations in sectors other than Bitcoin mining. Chris Lane, the former CTO of Silvergate Bank, has consistently disclosed his perspective on the manner in which Federal regulators contributed to the downfall of the crypto-friendly banking institution.
In addition to rumors, recent Coinbase files have disclosed the FDIC’s involvement in the debanking of crypto firms in the United States. This provided unequivocal evidence of the regulator’s debanking claims.
The Operation Chokepoint 2.0 agenda of this administration has exposed the subtle attack on Bitcoin mining. As a result, lawmakers such as Rep. French Hill are demanding for an investigation into the chokepoint claims.
Morgenstern and Lyam also expressed this sentiment, emphasizing the necessity for the prospective Donald Trump administration to take immediate action. David Sacks, the Crypto Czar appointed by President Trump, has also expressed his perspective on the Operation Chokepoint 2.0 investigation.
Industry leaders, such as John Deaton, are now skeptical about the administration’s ability to act promptly in advance of the Midterm elections, which could potentially alter the majority of Congress, now that the mission has been articulated.
