• Cooper & Kirk PLLC has issued a white paper alleging that US federal regulators are engaging in a “clandestine financial war” against the crypto industry.
• The law firm argues that recent regulatory measures, dubbed „Operation Chokepoint 2.0,“ deprive businesses of their constitutional rights to due process, violate the non-delegation doctrine and anti-commandeering doctrine.
• As a result of these measures, businesses and individuals in the industry have had their access to the automated clearinghouse (ACH) network revoked.
Cooper & Kirk Law Firm Alleges Regulatory Overreach Against Crypto Industry
The Washington, D.C.-based law firm Cooper & Kirk PLLC has sent a letter to US Congress regarding alleged regulatory overreach against the cryptocurrency industry. The firm has urged Congress to hold agencies accountable for such actions, and proposed questions and steps for obtaining answers about this issue. Cardano founder Charles Hoskinson commented on this letter in his YouTube video.
Operation Chokepoint 2.0
Cooper & Kirk claims that Operation Chokepoint 2.0 uses “regulatory tools and pressure tactics” to limit digital assets integration into the financial system by targeting crypto users deemed as posing an increased risk to banks. This initiative is similar to another one under Obama administration which had targeted fraudulent and high-risk industries such as tobacco and payday lending according to the report provided by Cooper & Kirk lawyers.
Rights Violation Claims
The report raises concerns over increased regulatory scrutiny imposed on the cryptocurrency sector in recent years, with legal representatives claiming that it deprives citizens of key structural constitutional protections from arbitrary exercise of governmental power; businesses have been “debanked” or had access to automated clearinghouse (ACH) network revoked due to such actions taken by federal banking regulators including FDIC according to Cooper & Kirk lawyers who described it as illegal overreach in their white paper report issued on 24th March 2021.
Charles Hoskinson’s Comment
Charles Hoskinson commented on this letter from Cooper & Kirk in his YouTube video released on 28th March 2021 where he stated: “The lawyers from prestigious firm Cooper & Kirk…have issued a white paper describing how federal banking regulators including @FDICgov have illegally…” He also added that it is now up for Congress members how they address this issue given its potential implications for American citizens‘ constitutional rights protection against government arbitrary power abuse if not addressed properly according to him in his video statement released recently online via YouTube channel associated with Cardano platform development team leader Charles Hoskinson himself personally .
Conclusion
It remains unclear at present what will happen next but it is clear that Congress members need act swiftly if they are concerned about protecting American citizens‘ civil liberties as well as ensuring proper operation of financial markets within United States borders; further investigations into allegations raised by Cooper & Kirk PLLC’s should be conducted promptly so appropriate action can be taken accordingly before any more damage is done due this „clandestine financial war“ alleged by prominent Washington based law firm recently reported worldwide via various media sources including internet networks connecting global population together digitally these days more than ever before!