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Ira Auerbach, former head of digital assets at Nasdaq, has joined Offchain Labs to lead Tandem, the venture capital and partnership division of Arbitrum, focusing on Ethereum scaling. His extensive background in finance and crypto will support selected projects with technical expertise and funding.The Arbitrum Foundation is intensifying its efforts in Asia with the "Road to Devcon" initiative, aiming to engage local developer communities ahead of Devcon 2024 in Bangkok. Meanwhile, Franklin Templeton has launched a blockchain-based money market fund on Arbitrum, highlighting the growing intersection of traditional finance and crypto.
Former U.S. prosecutor John Deaton has proposed leading an investigation into the rumored Operation Chokepoint 2.0, which allegedly aims to restrict banking services for the crypto industry. He expressed concerns over regulatory overreach and its implications for institutional integrity, emphasizing the need for transparency. This proposal follows Deaton's recent loss in the Massachusetts Senate race, where he criticized Senator Elizabeth Warren's anti-crypto stance.
Operation Choke Point 2.0 is an alleged initiative by the Biden administration aimed at restricting crypto firms' access to banking services, drawing parallels to a previous program under Obama. Critics argue that regulatory actions from agencies like the SEC and FDIC have pressured banks to sever ties with the crypto industry, despite official denials of the program's existence. Trump has pledged to dismantle this initiative if re-elected, echoing his previous efforts to end the original Operation Choke Point.
Banks are increasingly distancing themselves from the crypto industry, citing regulatory scrutiny and the need to mitigate risks associated with potential illegal activities. This trend, often referred to as "derisking," has led to significant account closures for crypto entrepreneurs, raising concerns about a possible repeat of the controversial Operation Chokepoint initiative from the Obama Administration. Critics argue that this could stifle legitimate businesses while regulators maintain that their actions are necessary to protect the banking system's stability.
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