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The Biden administration’s alleged pressure on the crypto industry, isolating it from banks, has drawn attention to what experts call “Operation Chokepoint 2.0.” With former President Donald Trump’s potential return to office, the crypto sector anticipates reforms that may encourage the U.S. banking industry to adopt cryptocurrencies. Lawmakers are also focusing on regulatory excesses in an effort to attract investor interest.
Investigating Operation Chokepoint 2.0
The U.S. House Oversight and Government Reform Committee has initiated investigations into claims that crypto companies and individuals have been deprived of banking services. Committee Chairman James Comer aims to gather testimonies from affected individuals and businesses.
Marc Andreessen, co-founder of Andreessen Horowitz, labeled the banking deprivation process under Biden as “Operation Chokepoint 2.0.” Coinbase CEO Brian Armstrong and Legal Director Paul Grewal also supported this view. Grewal stated that “financial regulators have employed various tools to weaken the digital asset industry.”
SEC’s Aggressive Regulations
Hayden Adams, founder of Uniswap Labs, noted that bank accounts have been closed without prior notice. Armstrong mentioned that banks have severed ties with over 30 technology companies, asserting that the SEC and former Chairman Gary Gensler are attempting to “illegally dismantle” the industry.
What to Expect from the Investigation Process?
Reports indicate that more than 120 crypto hedge funds have been excluded from banks over the past three years. The Committee pointed out that First Lady Melania Trump faced a similar fate due to her political leanings. The Oversight Committee plans to end Operation Chokepoint 2.0 to establish a fair crypto trading environment.
U.S. Banks Ready to Embrace Crypto
Circle CEO Jeremy Allaire predicts that the Trump administration’s new crypto policies will end Operation Chokepoint 2.0 and foster collaboration with the banking sector. Bank of America CEO Brian Moynihan stated that the U.S. banking industry is willing to accept cryptocurrencies.
Wall Street giants are also planning to enter the crypto market, aiming to leverage substantial opportunities in this area. These developments in the crypto industry provide crucial insights into how financial technologies may evolve in the future.
The ongoing investigation by the Oversight Committee aims to protect crypto users and investors from unfair government control. This process may include significant steps toward ensuring a neutral crypto trading environment in the U.S.
