FDIC’s “Operation Choke Point 2.0”: Crypto Companies Fight Back!

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Get ready for some jaw-dropping revelations as we dive into the FDIC’s “Operation Choke Point 2.0” mess! 😲

On Feb. 5, 2025, the Federal Deposit Insurance Corporation dropped a bomb – 175 documents from the Biden-era FDIC correspondence, just in time for the U.S. Senate Banking Committee GOP hearing on crypto companies’ debanking. These goodies expose the not-so-secret “Operation Choke Point 2.0” in all its glory! 💣

��� Inside the FDIC’s Top-Secret Correspondence 📦

The FDIC’s new chair, Travis Hill, released 175 documents revealing the agency’s pressure on financial institutions to debank crypto clients. Banks trying to resist or ask questions were met with silence for months! 🤫

Coinbase’s CLO, Paul Grewal, called out the FDIC’s actions as “regulation by exhaustion.” Sounds like a real page-turner, huh? 📖

“One bank had allowed BTC purchases, but @FDICgov paused expansion, then an exam effectively killed the whole thing.” – Paul Grewal, Coinbase CLO

🤝 An Unlikely Hero Emerges: Sen. Elisabeth Warren? 🐱‍👓

In a surprising twist, both Democrats and Republicans agreed on unfair debanking during the Feb. 5 hearing. Even crypto critic Sen. Elisabeth Warren stepped in to investigate and take action! 😲

Warren sent a letter to President Trump, expressing her willingness to work together to stop debanking. But wait, there’s more! She didn’t even mention cryptocurrencies in her letter. 🤔 Could this be a secret alliance in the making?

🔮 What Does the Future Hold for FDIC and Crypto?

With the FDIC and the government on Coinbase’s side, the previous FDIC’s anti-crypto operations might finally meet their end. The bipartisan animosity towards debanking initiatives is a promising sign! 🤞

So, there you have it – the FDIC’s “Operation Choke Point 2.0” unraveled! Will the crypto industry and the FDIC become BFFs? Only time will tell! 🕰️

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2025-02-06 00:31