Fed’s Operation Choke Point 2.0 Continues Despite Action on Customers Bank
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Custodia Bank founder Caitlin Long has criticized the recent White House meeting with crypto leaders, deeming it ineffective. She highlighted concerns about Operation Choke Point, a U.S. regulatory effort to use financial restrictions to target the cryptocurrency industry.
In response to recent enforcement actions by the U.S. Federal Reserve against the crypto-friendly Customers Bank, Tyler Winklevoss, co-founder of Gemini exchange, also voiced criticism. He pointed out that Operation Choke Point 2.0 continues to suppress crypto activities through financial censorship.
On Thursday, August 8, the U.S. Federal Reserve took action against crypto-friendly Customers Bank, citing insufficient anti-money laundering (AML) and risk management practices. Many in the crypto industry view this move as another heavy-handed tactic by the Fed to undermine crypto-friendly banks in the United States.
Tyler Winklevoss criticized the Harris administration, labeling their “crypto reset” approach as a scam. Meanwhile, Cameron Winklevoss, co-founder of Gemini, expressed support for Customers Bank, stating, “Dear Customers Bank – thank you for banking crypto. We all owe you a debt of gratitude. Your courage will not be forgotten. Sorry, you have to deal with this nonsense. But this too shall pass. Onward!”
