Tyler Winklevoss Criticises Kamala Harris' Crypto Reset

Tyler Winklevoss, co-founder of Gemini, recently harshly criticised the alleged 'reset' of Vice President Kamala Harris' position on cryptocurrencies, calling it a 'farce'. The criticism comes against a backdrop of growing tension between the crypto industry and US authorities, with the Federal Reserve escalating its actions against crypto-friendly banks such as Customers Bank.

Winklevoss pointed out that the Federal Reserve's recent action against Customers Bank, one of the few remaining crypto-friendly banks in the US, is an example of 'Operation Choke Point 2.0', a strategy he says aims to stifle the crypto industry by restricting companies' access to banks. This action requires banks to provide 30 days' notice before establishing new banking relationships with crypto companies, a step Winklevoss sees as a dangerous centralisation of decision-making power.

Charles Hoskinson, founder of Cardano, has also expressed similar concerns, pointing out that the Biden administration seems hostile towards the crypto industry. Both crypto leaders fear that an eventual election of Harris could further intensify these restrictive policies.

The criticism is based on the suspicion that the Federal Reserve's actions are motivated by a desire for control rather than genuine regulatory concerns. Winklevoss described the Fed's accusations as vague and unsupported by concrete evidence, pointing out the lack of transparency in the motivations for the action.

This affair underlines the growing tension between the crypto industry and US authorities, highlighting how future policy decisions could have a significant impact on the future of the cryptocurrency industry in the US.