Key Takeaways
- The Fed's enforcement action requires Customers Bank to notify before engaging with Bitcoin companies.
- Tyler Winklevoss and Charles Hoskinson criticize Harris for alleged anti-Bitcoin stance.
- Recent bank collapses have fueled concerns about U.S. hostility towards Bitcoin.
The Federal Reserve’s enforcement action against Customers Bank has raised doubts about Vice President Kamala Harris’ campaign promises to reset the relationship between the U.S. government and the Bitcoin industry. On August 9, Tyler Winklevoss, co-founder of Gemini, criticized the Fed’s crackdown on X, calling it evidence that the Harris crypto reset is a “scam.”
The Fed’s 13-page order requires Customers Bank to provide a 30-day notice before engaging in any new banking relationships with Bitcoin companies. Winklevoss argued that this move is part of a broader strategy to control access to banking for Bitcoin firms, limiting their operational abilities.
Cardano founder Charles Hoskinson supported Winklevoss, warning that the current administration, including Harris, is hostile towards the Bitcoin industry. He suggested that re-electing Harris would further damage the sector.
The crackdown is part of a larger trend, with several banks catering to Bitcoin businesses, such as Silvergate Bank and Signature Bank, collapsing between March and August 2023. This regulatory environment has intensified fears that the U.S. government is actively working to stifle innovation in the Bitcoin sector, despite claims to the contrary by some political figures.
