Crypto firms in the US are reporting that banks are suddenly shutting down their accounts, a move they are calling "Operation Choke Point 2.0". Executives believe this is a coordinated effort under the Biden administration to push banks into cutting ties with the crypto industry. Anchorage Digital CEO Nathan McCauley revealed that his company had its bank account turned off without any notice or explanation. The term "debanking" has gained attention and support from top Republicans in Congress and the White House, who are investigating the issue. The crypto industry has also formed alliances with pro-crypto politicians, including former President Donald Trump, who is appointing individuals friendly to the sector and rolling back restrictions. The battle between the crypto industry and traditional banking is ongoing, but with the support of politicians, the industry may have a chance to challenge debanking more effectively.



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