Venture capitalist Nic Carter has updated his findings on Operation Choke Point 2.0, a U.S. government initiative aimed at curbing the involvement of banks in the crypto industry. Carter corrects his previous report, stating that it was actually the San Francisco Federal Reserve, not the Federal Deposit Insurance Corporation, that ordered banks to cut their crypto deposits by 15%. Carter cites a declaration from a former Silvergate executive as evidence that pressure from federal bank regulatory agencies led to Silvergate’s bankruptcy. He argues that the Biden administration has worked to discourage banks from dealing with crypto, leading to the downfall of Silvergate and other crypto-related banks. Carter also claims that Operation Choke Point 2.0 has resulted in significant losses for banks involved in the crypto industry.



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