ConsenSys Fights Back Against U.S. Authorities’ Efforts to Cut Them Off
Consensys, the Ethereum developer behind MetAmask, successfully navigated two attempts by U.S. authorities to exclude it from the financial system. CEO Joe Lubin revealed that the company survived Chokepoint 2.0 by keeping a backup account. Despite the pressure from regulators, Lubin’s unnamed bank refused to end consensus accounts, which is crucial for the $7 billion company. Lubin said the bank is committed to delaying the process and maintaining its relationships and highlighting the challenges facing cryptocurrency businesses in the current regulatory environment. The event highlights the ongoing struggle between cryptocurrency companies and authorities under President Biden’s administration.
