Gun Control Advocates Want Banks To Refuse Services To Gun Companies, Dan Larimer Says That’s Why We Need Cryptos

Gun Control Advocates Want Banks To Refuse Services To Gun Companies, Dan Larimer Says That’s Why We Need Cryptos

While some unconstitutional gun control measures have been proposed at the state and federal levels, there also have been pushback as a growing number of counties and states declare themselves Second Amendment sanctuaries. They are refusing to enforce gun-control laws that violate the Constitutional right to keep and bear arms.

Two gun control bills have passed the House and awaiting Senate votes. Now, gun control advocates are reportedly seeking to target banks to not provide its services to the gun companies as NRA states,

“First came Operation Choke Point, a supposed “anti-fraud” effort during the Obama administration that morphed into a campaign by federal regulators to intimidate banks and payment processors into refusing business with politically disfavored clients, including firearm-related businesses.”

Anti-gun members of Congress are also attempting to use these tactics to get the banks to take measures as Rep. Carolyn Maloney (D-NY) just last month asked president and CEO of Wells Fargo Bank,

“How bad does the mass shooting epidemic have to get before you will adopt common-sense gun safety policies like other banks have done?”

In response, the Wells Fargo executive said, “We just don’t believe that it is a good idea to encourage banks to enforce legislation that doesn’t exist.”

Introducing Bills To Stop Banks From Denying Services

Meanwhile, Pro-gun Senators John Kennedy (R-LA) and Kevin Cramer (R-ND) introduces S. 821 the Freedom Financing Act to ensure that the large financial institutions can’t deny services to those that are fully compliant with laws and statutes.

The bill would also restrict payment card networks from declining to serve the industry on political concerns. In a press release posted on Cramer’s website where he says “Big banks should not be the arbiters of constitutionality,” reads,

“A small number of banks controlling most of the financial sector could effectively illegalize legal commerce by refusing to finance certain industries or process certain transactions,” said Senator Cramer.

“It’s not a bank’s job to create policy. They need to leave the policymaking to Congress,” said Senator Kennedy. “Banks should not be able to discriminate against lawful customers on the basis of social policy.”

EOS Co-Founder: This Is Why We Need Cryptocurrencies

Daniel Larimer, the co-founder of fourth largest cryptocurrency EOS and CTO at Block.one took to Twitter to share why situations like these require cryptocurrencies.

“This is why we need cryptocurrency. Banking should be a fundamental right in a centralized banking system that outlaws free-market alternatives.”

Cryptocurrencies certainly provide a better alternative to Bank that holds the power to restrict or decline the access to financial services hat has happened time and again in different scenarios. Moreover, banks in itself are prone to illegal activities as we reported recently that the top six banks have been fined $200 billion since the 2008 financial crisis.