Ironically and unintentionally this makes Bitcoin more attractive to US folks. But in general I prefer a better world than this type of corrupt nonsense.
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On Wednesday, Senate GOP, who were outraged about Chokepoint 2.0 and vowed to stop debanking, voted to get rid of a CFPB rule that stops debanking in payments apps like PayPal, Venmo and Zelle.
Chokepoint 2.0 had the potential to change the financial system for the better – to reform AML, CFT, and the Bank Secrecy Act, which are the *actual* causes of debanking.
Instead, "a certain cadre of self-serving, feckless narcissist" chose to design an orchestrated disinformation campaign against the only financial agency fighting for consumers, that – purely coincidentally – would have fined their projects by the millions.
Backed by Thiel minions and a16z talking heads, Chokepoint 2.0 invents an alternate reality in which big tech is the victim that somehow always wins.
Full pathetic story:
https://www.therage.co/gop-vote-to-legalize-debanking-following-debanking-outcry-2/
Discussion
Not only the US Sjors, I have been debanked by my Belgian bank, bankers and politicians alike enjoy the power they have over the pleps and no one stands up against them
Only the US is dismantling a government organization that tried to reduce debanking. But indeed debanking is a global issue, if you can get a bank account in the first place.