Gemini co-founder Tyler Winklevoss has called Vice President Kamala Harris’ recent “reset” of the crypto stance a “scam” in a scathing post on Friday. Winklevoss criticized the Federal Reserve’s crackdown on Customers Bank, a crypto-friendly bank, calling it a “choke point” that hinders the industry’s growth.
In his post, Winklevoss highlighted the enforcement action issued by the Federal Reserve against Customers Bank, which requires the bank to provide written notice 30 days before opening a new banking relationship with crypto firms. He argued that this move centralizes decision-making power in the hands of the Federal Reserve, creating a choke point for crypto companies.
Winklevoss also questioned the allegations made by the Federal Reserve against Customers Bank, calling them “non-allegation allegations” that lack concrete evidence. He suggested that the Federal Reserve’s true motive is to increase its control over Customers Bank’s decision-making process.
According to Winklevoss, if Harris wins the election in November, the Federal Reserve’s crackdown will intensify. He warned that the enforcement action is just the beginning of a larger power grab by the Federal Reserve.
Overall, Winklevoss’ criticism of the Federal Reserve’s actions and his warning about the potential consequences for the crypto industry make for a compelling news story that sheds light on the challenges facing the sector.
