Gemini co-founder Tyler Winklevoss recently took to X to express his disapproval of Vice President Kamala Harris’ supposed “reset” of her crypto stance, labeling it as a “scam”. This critique follows Winklevoss’ previous criticism of Harris for skipping a roundtable discussion with crypto leaders. In his post, Winklevoss specifically pointed out the Federal Reserve’s enforcement action against Customers Bank, a crypto-friendly bank, as a focal point of concern.
The Federal Reserve issued a 13-page enforcement action against Customers Bank, mandating that the bank must provide thirty days’ written notice to the Federal Reserve before engaging in new banking relationships with crypto-related entities. Winklevoss emphasized that this move essentially creates a choke point, positioning the Federal Reserve as a direct barrier between crypto companies and their access to essential banking services.
Winklevoss argued that the enforcement action undermines the principles of decentralization and autonomy that should guide regulatory practices within the banking industry. He contended that banks should be free to decide which clients they serve, rather than having the Federal Reserve dictate these relationships. By centralizing decision-making power, Winklevoss believes that the Federal Reserve is overstepping its bounds and creating unnecessary obstacles for crypto businesses.
While the Federal Reserve cited deficiencies in Customers Bank’s risk management and anti-money laundering practices as reasons for the enforcement action, Winklevoss dismissed these accusations as unsubstantiated and vague. He criticized the lack of concrete evidence supporting the Federal Reserve’s claims, characterizing them as “non-allegation allegations” that rely on trust rather than verifiable facts.
Winklevoss delved into the potential motives behind the Federal Reserve’s actions, suggesting that the regulatory body’s true aim is to usurp control over Customers Bank’s decision-making processes. He contended that the Federal Reserve’s end goal is to unlawfully influence which industries and companies the bank can support, thereby consolidating power and asserting dominance over the financial sector.
In a foreboding statement, Winklevoss cautioned that the Federal Reserve’s enforcement action may be just the beginning of a larger campaign to tighten control over the banking industry. He warned that if Vice President Kamala Harris emerges victorious in the upcoming election, the Federal Reserve’s tactics could escalate, signaling a more aggressive and uncompromising approach towards crypto regulation.
Tyler Winklevoss’ scathing critique of the Federal Reserve’s enforcement action and Vice President Kamala Harris’ crypto stance reset underscores the growing tension and mistrust within the cryptocurrency community. As regulatory bodies continue to grapple with the complexities of digital assets, it is evident that conflicting ideologies and interests are shaping the future landscape of crypto regulation.
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