90 Miles From Tyranny : Cryptocurrency Seeks to Lure Firearms Companies Amid Threat Banks Will Cut Off Gun Industry

Tuesday, February 16, 2021

Cryptocurrency Seeks to Lure Firearms Companies Amid Threat Banks Will Cut Off Gun Industry

With the looming threat that the financial industry may shut its doors to the gun industry, a Utah man is hoping that his cryptocurrency geared toward purchasing firearms will take off.

Since Democrats took full control of the government last month, a proposed rule that would protect businesses such as the firearms industry has been scuttled, opening the possibility that companies will see their financial services cut off. Rob McNealy, a Second Amendment supporter, created the Universal Settlement Coin (TUSC), a cryptocurrency that focuses on providing the firearms industry with a tool that would allow gun stores and firearm-related manufacturers to provide goods and services completely outside of the banking industry.

Cryptocurrencies are increasingly seen as a viable alternative for purchasing goods. They exist completely outside of the banking system, which allows stores, suppliers, and customers to make transactions that can’t be cut off by banks worried about their reputation, the primary reason given for cutting off services. Earlier this week, Tesla announced it would start accepting Bitcoin, joining such companies as Microsoft, Home Depot, and Starbucks.

McNealy created the currency three years ago in response to Operation Choke Point, an Obama administration policy which increased scrutiny on banks that did business with the firearms industry and caused many to cut ties with the industry completely. Though Operation Choke Point was ended in the first months of the Trump administration, many banks continued to deny services to the firearms industry due to pressure from gun-control activists.

McNealy said gun companies failed to anticipate the bind being cut off from financial services would put them in. "No one thought we'd see the de-platforming we do today," McNealy said.

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One impacted company was Spike Tactical, a Florida gun manufacturer that was told by its bank to find services elsewhere and was cut off by e-commerce provider Shopify. Cole Leleux, the company's CEO, said accepting cryptocurrency helps mitigate the threat of future...

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  1. Modern problems require modern solutions.

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  3. TUSC has been around for awhile now and hasn't seen much traction. I'd love to see it succeed, but to do that you really need to get the ball rolling on both the gun sellers and the gun buyers. Unfortunately 'Intro to Crypto' is like a really bad visit to the DMV, lots of hoops and verification and it takes forever to just 'Buy the Thing'. Until that fundamental hurdle is overcome I don't think Crypto will be seen as a real cash alternative.


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