The Blockchain Association's Chief Policy Officer, Jake Chervinsky, recently discussed how politicians often pretend to be venture capitalists by speculating on which innovations will be profitable and which won't.

Policymakers need to grasp why tech neutrality is a fundamental tenet of sound policy, according to Chervinsky. Also, he emphasized that identifying winners and losers, which is a difficult task, should be left to the experts. Chervinsky also requested that the authorities refrain from interfering.

This declaration from Chervinsky comes at a time when decision-makers are making assumptions about the world of cryptocurrencies and the technology that powers them. The recent failure of bitcoin-friendly institutions and the SEC's increased scrutiny of the cryptocurrency industry set the stage for everything. There were rumors that it was a planned assault to deliver a potent anti-crypto message.

The Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency have all been requested for information under the Freedom of Information Act by the Blockchain Association. These inquiries are made in an effort to learn more about the sudden closure of bank accounts held by bitcoin businesses.

Several businesses have had their bank accounts abruptly and without cause shut. These allegations are concerning, especially in light of recent bank collapses like Silvergate, Silicon Valley Bank, and Signature Bank.

The pattern seems to suggest that authorities could be trying to completely exclude cryptocurrency startups from the banking system. Despite all of the efforts made by the government, the bitcoin market is doing well.

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