Episode 190: “Cancel Culture Comes to Banking” with Todd Zywicki and Paul Watkins
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Have you ever thought about what your life would be like if you were denied access to a bank account or a credit card or access to any kind of digital payment system? Well, it’s happening and it’s happening to an increasing number of people and organizations. Cancel culture has come to banking. PayPal, major credit card networks and banks have already stopped processing payments for organizations they deem “hate groups.” Remember “Operation Chokepoint”? Well, it’s evolved and gotten even more draconian. And cryptocurrencies, which some thought might be a safe haven, well, maybe not so much. Bitcoin was supposed to be a financial lifeline for the truckers in Canada, but instead, Canadian authorities ordered banks and crypto exchanges to block transactions from crypto wallets tied to the truckers. Seems like everything has now become political, including our digital money. Joining me for a chilling conversation about these threats are Todd Zywicki, who served as Chair of the Consumer Financial Protection Bureau’s Task Force on Consumer Financial Law and is a professor at George Mason’s Scalia Law School, and Paul Watkins with Potomac Partners and Fusion Law Firm. He founded the Office of Innovation at the Consumer Financial Protection Bureau and served on the Digital Financial Stability Oversight Committee’s Subcommittee on Digital Assets. Our money has become yet another battlefront in the struggle to preserve a free society. Todd and Paul are serious men talking about a serious issue. Please invest the time to listen and learn.
Check out this episode!