Customers Bank

Critics argue that the US Federal Reserve’s actions are a significant overreach and could stifle innovation in the cryptocurrency sector.

The enforcement action taken by the United States Federal Reserve against the crypto-friendly Customers Bank has sparked speculation that Vice President Kamala Harris’ presidential campaign may not be genuine in its efforts to mend relations with the cryptocurrency industry.

On Aug. 9, Gemini co-founder Tyler Winklevoss took to X to highlight the Fed’s actions. “Today, the Fed confirmed that Operation Choke Point 2.0 remains in full swing, provided valuable insight into how it works, and verified that the Harris crypto ‘reset’ is a scam,” Winklevoss said.

The Fed’s 13-page enforcement action against Customers Bank mandates it to provide a 30-day advance notice before entering any new banking relationship with a cryptocurrency company.

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