Plain English with Derek Thompson Is Crypto Entering a New Golden Age—or Just a New Era of Failed Promises?
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Dec 6, 2024 Austin Campbell, a seasoned finance professional and adjunct professor at Columbia Business School, dives deep into the complex world of crypto. He discusses the implications of Bitcoin trading above $100,000 and the controversy surrounding the 'war on crypto.' Austin also unpacks the history of debanking practices and the regulatory landscape, particularly the influence of political shifts on the crypto narrative. Plus, he highlights the crucial role of stablecoins in economically challenged regions, showcasing their significance in areas facing instability.
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Operation Chokepoint 1.0
- Operation Chokepoint 1.0, under the Obama administration, initially targeted high-risk payday lending practices.
- It later expanded to include legal but politically disfavored industries like firearms and adult entertainment.
Debanking and Its Consequences
- Debanking, the process of losing all bank accounts, can shut individuals out of the modern economy.
- Operation Chokepoint expanded from targeting fraud to targeting morally disfavored businesses.
Operation Chokepoint 2.0's Overreach
- Operation Chokepoint 2.0 started with legitimate concerns about fraud in the crypto industry.
- It expanded to target companies like Coinbase and Gemini, despite lacking evidence of wrongdoing.