Ripple Labs’ chief technology officer says the government must address the alleged unconstitutional unbanking of many crypto and tech founders.
In a new thread on social media platform
According to Schwartz, this type of “indirect regulation” is unconstitutional because it ignores due process and the First Amendment.
Schwartz calls the trend “Orwellian nonsense” and calls for an end to it altogether.
“Our government has become addicted to indirect regulation precisely because of this evil. It is cheaper and easier to pressure someone else to punish me than to charge me with a crime and give me a fair trial. But the government should not punish people without giving them a fair trial.
It is easier to pressure banks to shut down unfavorable businesses than to make those activities illegal. But if the government wants to stop certain commercial activities, it must go through the proper legislative process, with full political responsibility, to ban them, and not use secret backdoor pressure to drive them underground.
END ALL INDIRECT REGULATION.”
Last week, Coinbase CEO Brian Armstrong said Senator Elizabeth Warren, a Democrat from Massachusetts, and US Securities and Exchange Commission (SEC) Chairman Gary Gensler wanted to destroy the crypto industry and possibly break the law in their crusade against digital assets.
“Warren and Gensler tried to unlawfully kill our entire industry, and it was a major factor in the Democrats losing the election. The Democratic party must realize that Warren is a danger and distance themselves further if they want to have any hope of rebuilding.”
Armstrong made the statement amid swirling rumors that the US government has banned banking services from 30 tech and crypto founders.
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