Latest news: The Federal Reserve and OCC are conducting a massive cryptocurrency debanking operation.

Source: “What is happening is draconian and dangerous and is designed to kill cryptocurrencies”

The Federal Reserve (Fed) and the U.S. Monetary Policy Committee (OCC) are following up on Morgan Stanley and Custodiabank, urging them to take steps to restrict cryptocurrencies in crypto-friendly states including Wyoming

It is said that the OCC will soon release a paper, which is considered very harsh and may lead to the resignation of quite a few OCC employees.

Paxos Global and other companies were told by the OCC to either withdraw their bank charter applications or have them rejected on Friday. So VCs became very concerned that the companies in their crypto portfolios were being de-banked en masse.