The vice chairman of the Federal Deposit Insurance Corporation says the regulator needs a “new direction” – and that he expects it to begin later this month. In a new speech, Vice Chairman Travis Hill acknowledges that the FDIC sent “pause” letters to over 20 banks, asking them to stop doing business with crypto firms […]
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Ripple’s legal chief warns that U.S. regulators’ crypto guidance signals, “Don’t even think about it,” alleging a veiled campaign to deter banks from serving the industry. ‘Don’t Even Think About It’: How Regulators Subtly Squeeze the Crypto Market Ripple’s chief legal officer, Stuart Alderoty, has highlighted what he sees as a calculated effort by U.S. […]
Marc Andreessen, a co-founder of venture capital behemoth Andreessen Horowitz, recently referred to the effects of Operation Chokepoint 2.0, an initiative focusing on debanking cryptocurrency operators and even tech founders. Marc Andreessen: Operation Chokepoint 2.0 Affected Over 30 Tech Founders More details are coming about the measures that the current administration took against cryptocurrency-linked businesses […]
Newly surfaced documents reveal over 20 cases where regulators allegedly pressured banks to halt crypto services, raising concerns of a covert crackdown on U.S. crypto firms. 20 Secretive Regulator Moves Targeting Crypto in Operation Chokepoint 2.0 Coinbase’s chief legal officer, Paul Grewal, disclosed on social media platform X on Friday findings related to what he […]
Kamala Harris has given cryptocurrency fans little to be hopeful about — despite some of the milquetoast rhetoric from her supporters.
The Federal Reserve’s enforcement action against a crypto-friendly bank shows that Operation Choke Point policies may still be on the table. The enforcement action also undermines the idea that Harris would bring a change of pace for U.S. cryptocurrency policy should she win the presidential election.
The news broke on Sept. 4 when the Federal Reserve issued a cease and desist against United Texas Bank due to “significant deficiencies related to foreign correspondent banking and virtual currency customers, specifically risk management and compliance with … the Bank Secrecy Act.” To get back into compliance (and the Federal Reserve’s good graces), United Texas Bank was ordered to undertake a comprehensive plan spanning everything from ensuring the bank has adequate staffing to ensuring those staff members verify the identity, source of wealth, and business activities of all customers.
Dan Spuller, the Blockchain Association’s head of industry affairs, was quick to point out that the Federal Reserve’s enforcement actions appear to be only the latest of Choke Point 2.0 policies under the Biden administration. Referring to the original Operation Choke Point where the U.S. government pressured banks to refuse service to politically controversial (yet legal) businesses like gun shops and cannabis dispensaries, the term “Choke Point 2.0” has come to refer to more recent government efforts to choke off cryptocurrency-related businesses.
On Monday, Robert F. Kennedy Jr. once again cautioned the public to be wary of central bank digital currencies (CBDCs), and he insisted that the Biden administration has launched a “steady barrage of hostile broadsides against cryptocurrencies.” Kennedy, who recently filed to run for president of the United States in the 2024 election as a […]
According to a recent white paper published by four members of the law firm Cooper & Kirk, PLLC, U.S. bank regulators are attempting to “drive crypto businesses out of the financial system.” The paper, titled “Operation Chokepoint 2.0,” claims that after laying the groundwork by labeling lawful businesses as “reputationally risky,” federal bank regulators, with […]
Since the collapse of three American banks friendly to cryptocurrency businesses and the U.S. government’s insistence that crypto assets are “risky investments,” many speculators believe bureaucrats are purposely closing access to cryptocurrencies. Some refer to the U.S. government’s recent enforcement as “Operation Chokepoint,” a mission aimed at eliminating access to the crypto ecosystem in the […]