The chief technology officer of Ripple Labs says that the government needs to address the alleged unconstitutional unbanking of many crypto and tech founders.
In a new thread on the social media platform X, Ripple CTO David Schwartz accuses the government of pressuring banks to cancel unfavored individuals and businesses with no evidence that they committed crimes.
According to Schwartz, this type of “indirect regulation” is unconstitutional as it ignores due process and the First Amendment.
Schwartz refers to the trend as “Orwellian nonsense” and calls for an end to it in its entirety.
“Our government has become addicted to indirect regulation precisely because of these evils. It is cheaper and easier to pressure someone else to punish me than to charge me with a crime and give me due process. But the government ought not to punish people without giving them due process.
It is easier to pressure banks to cut off disfavored businesses than to make that business illegal. But if the government wants to stop some commercial activity, it should go through the proper lawmaking process, with full political accountability, to prohibit it, not use backdoor secret pressure to drive it underground.
END ALL INDIRECT REGULATION.”
Last week, Coinbase chief executive Brian Armstrong said that Senator Elizabeth Warren, a Democrat from Massachusetts, and U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler wanted to destroy the crypto industry and possibly broke 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 should realize Warren is a liability and further distance themselves if they want to have any hope of rebuilding.”
Armstrong made the statement amid swirling rumors that the US government cut off 30 tech and crypto founders from banking services.
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