The post ConsenSys Fights Back Against U.S. Authorities’ Efforts to Cut Them Off appeared first on Coinpedia Fintech News
ConsenSys, the Ethereum developer behind MetaMask, has successfully navigated two attempts by U.S. authorities to exclude it from the financial system. CEO Joe Lubin revealed the company survived Operation Chokepoint 2.0 by keeping backup accounts. Despite intense pressure from regulators, Lubin’s unnamed bank resisted closing ConsenSys’ account, which was crucial for the $7 billion company. Lubin stated that the bank worked to delay the process and maintain their relationship, emphasizing the challenges crypto businesses face in the current regulatory landscape. This event highlights the ongoing struggle between crypto companies and authorities under President Biden’s administration.