Had the distinct pleasure of being introduced to someone that has worked for some regularity branches this week and honestly the takes and knowledge on the space was very deep. Not in favor about publically discussing private conversations, but if their opinions represent a good sample, I am much more bullish on us regulation in general as I know they’re really liberal. The one thing I thought was really a fair criticism was that what we call Operation choke point, might just be a less nefarious preventive action. Meaning a fair criticism that he brought up in my opinion is that for a bank to bank a crypto company, it’s not the companies assets that are a problem - but more the psychological players. Meaning, no matter what happens, if you’re a bank, you can practically guarantee crypto clients have 0 sense of faith in the system and will be the first ones out the door, even if there’s a false alarm. So, for a lot of banks it’s not worth the risk increasing their book for a client they can practically guarantee would increase the chance of a run on a bank - creating an unnecessary problem. And ofc I didn’t use the words operation choke point to someone I respect very deeply. I love how you get very good and nuanced opinions from someone simply by just understanding the concept of framing.
