Stuart Alderoty, the chief legal officer at Ripple, believes that the Federal Deposit Insurance Corporation (FDIC) attempted to intimidate banks with its recent letters regarding crypto-related activities. These letters, which were obtained by Coinbase through a court order, were intended to halt a wide range of crypto activities, including basic Bitcoin transactions. The letters support the industry's claims about "Operation Choke Point 2.0," a tactic similar to a previous initiative that targeted disfavored industries. Alderoty suggests that the crackdown on the crypto industry began in 2021 when the Office of the Comptroller of the Currency (OCC) demanded pre-approval for banks' crypto activities. Coinbase's chief legal officer, Paul Grewal, has called on Congress to investigate this alleged crackdown.



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