The U.S. will be the biggest loser from Operation Chokepoint 2.0, say crypto proponents OperationChokepoint20 crypto cryptocurrency
- Anyone who has been paying attention to financial headlines in recent weeks knows that the world is currently undergoing the worst banking crisis since 2008, as numerous banks have already gone bankrupt while the contagion slowly spreads.
Operation Chokepoint was an effort conducted by the U.S. Department of Justice under the Obama administration in 2013 to investigate the business that banks did with firearm dealers, payday lenders, and other companies believed to be a high risk for fraud and money laundering. Haar cited speculation that Signature Bank was actively shut down by regulators – as opposed to the bank failing on its own – as an example of undercover blackballing. “Reuters reported that the FDIC mandated the acquirer of Signature Bank give up all crypto customers upon acquisition,” Haar noted. “The FDIC denied this, but when it was announced that Flagstar Bank would acquire Signature Bank's assets, it excluded all deposits belonging to crypto companies.
It’s no simple coincidence for Rust that, “All of a sudden, governments in Europe and the US are very sensitive to Silvergate, Signature, and also Deltec Bank, all being the on and off ramps for crypto in a now emergent $1 trillion industry.” Rust suggested that the latest moves by the Securities and Exchange Commission , Federal Reserve, and other regulators only serve to cultivate stronger energy and cohesion among the crypto community “where the sense of nonviolent rebellion is being stirred up and continuously stoked.”
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