The Biden Regime Bans DeFi Founders from Crypto Work

The Biden-era Security and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) have allegedly instructed several DeFi founders to refrain from working in the crypto sector.

This aspect of the crypto debanking or ‘Operation ChokePoint 2.0’ was not reported, as founders were coerced into signing a Non-Disparagement Clause (NDC).

Joey Krug, a crypto VC partner at Founders Fund, disclosed this at the ETH Denver conference, stating:
> “The government went to DeFi founders and told them: you have to do a settlement with us, and in many cases sign a thing that said you’ll never work in crypto again.”

Krug also mentioned that the non-disparagement clause limited discussions to Congress only.

SEC’s Crypto Crackdown: Understanding Crypto Debanking

For context, ‘Operation ChokePoint 2.0’ imposed restrictions on crypto firms’ access to banking services during Biden’s administration. Congress is currently investigating the scope of the debanking, but media reports have overlooked firms outright banned from crypto.

Krug also noted that founders faced threats of imprisonment without any validation from the Department of Justice (DoJ):
> “These agencies [CFTC, SEC] would go to founders and tell them if they disagree with their terms, they would go to jail. They are civil agencies, but none of these matters were referred to the DoJ.”

He urged Congress to have the affected founders testify and to terminate any agency officers involved in these allegations. However, Krug expressed optimism about the Trump SEC’s more favorable stance towards the crypto industry, as it has begun to reverse several enforcement actions against firms like Coinbase, Gemini, and Uniswap.