Operation Choke Point 2.0 is an alleged program initiated by the Biden administration and US regulators to restrict the crypto industry's access to the banking system. It is perceived as a successor to the original Operation Choke Point launched in 2013 and terminated by Trump in 2017. The program aims to investigate banks' relationships with high-risk industries to combat fraud and money laundering. Critics argue that regulatory actions taken by various financial regulators have proven the existence of Operation Choke Point 2.0. Banks connected to the crypto industry, such as Silvergate Bank and Signature Bank, have faced turmoil and restrictions on transactions. The Fed has ordered crypto-friendly banks to notify regulators in advance of any new crypto-related services. Figures in the crypto industry claim that Operation Choke Point 2.0 is not just a theory and that there is an ongoing campaign against crypto and tech companies. Trump has promised to end Operation Choke Point 2.0 and fire SEC Chair Gary Gensler if elected for a second term. There is hope that he will dismantle the program once in office.
- Content Editor ( cryptobriefing.com )
- 2024-12-22
What is Operation Choke Point 2.0? Trump vows to end it