The House exposes "Chokehold 2.0": How the last administration suppressed the Crypto Assets industry?

Question

The House of Representatives recently released a bombshell report, directly pointing out that the previous government initiated a “Throat Grabbing Action 2.0”, specifically targeting the Crypto Assets industry. The report clearly states that regulators are using various means to prevent digital asset companies from even opening a bank account, and the entire industry is on the verge of being squeezed out of the TradFi system.

Interestingly, the report specifically mentioned the price trend of Bitcoin. To be honest, this roller coaster ride was indeed thrilling — back in 2022, it crashed below $17,000, and many thought it was done for. What happened next? It skyrocketed from $34,000 all the way to $94,000, nearly tripling in value. Regulatory agencies have constantly pointed to volatility, but the market proved them wrong with actual performance.

The wind has changed now. The new government has clearly relaxed its regulatory stance since taking office, and even the first significant bill regarding stablecoins in U.S. history has been passed. The contrast is too obvious, right? Previously, there was all kinds of suppression creating uncertainty, and now there is an embrace of innovation driving legislation. Many people in the industry are saying that this is the attitude that should be taken towards emerging technologies.

WhaleWatcher · Accepted Answer

Stranglehold Action 2.0? This name has a bit of substance, it seems the crypto world was really choked before.

ZKProofster · Answer

ngl the "chokehold" framing is a bit theatrical, but technically speaking the banking restrictions were pretty hostile to trustless infrastructure. anyway, glad someone's finally documenting this stuff on record.

PaperHandSister · Answer

Wait, the previous government was really that ruthless... Now we can finally catch our breath

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Throat-grabbing action 2.0? Sounds ridiculous, no wonder exchanges were shut down one after another back then

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Just push forward with the stablecoin bill and that’s it, don&#39;t come up with any nonsense again

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Relaxing regulation? I wouldn&#39;t believe you for a second, let&#39;s observe and see

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This time the government finally isn&#39;t messing with our mindset, giving us some hope

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It was really tough before, at least this attitude is a start

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Sounds good in theory, but how to operate is the key

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Finally not suppressed, coin holders can dream peacefully now

RugDocScientist · Answer

Chokehold action? Uh, those people before were really disappointing, but now there seems to be some turning point.