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The crypto industry asserts that the nightmare known as “Operation Choke Point 2.0” has ended with the conclusion of the Biden administration. Industry leaders expressed concerns on the X platform regarding discrimination that led to numerous institutions and individuals being denied access to banking services.
The Conclusion of Operation Choke Point 2.0
Venture capitalist Nic Carter declared, “OCP2.0 is over,” marking the operation’s end alongside the Biden administration. He added that the operation would not truly conclude until new permanent leaders are appointed and Congressional legislation is formulated.
Acting FDIC Chairman Travis Hill stated he has not seen concrete evidence of negative discrimination against crypto. In his remarks, he emphasized,
“There is no place within the FDIC for any institution that refuses to serve compliant customers.” -Travis Hill.
Political Pressures and the Future
Hill is attempting to gain political advantage by making positive statements about industries like the crypto sector, which has the support of the Trump administration. He is viewed as the most likely candidate for the permanent FDIC chair position.
Coinbase Chief Legal Officer Paul Grewal noted that Hill found no concrete evidence of a conspiracy against the crypto sector from FDIC staff or the Biden administration. Grewal believes that if the search for evidence continues, proof of Operation Choke Point 2.0 will eventually surface.
Grewal stated, “Everything will come out; they cannot conceal this ongoing situation forever.” The FDIC has refrained from commenting on the matter.
The crypto industry anticipates improvements in access to banking services following the end of Operation Choke Point 2.0. However, the regulatory approach towards the sector and potential risks remain subjects of ongoing debate.
