Crypto Leaders Call Out White House For Claiming ‘Chokepoint 2.0’ Isn’t Real
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Several crypto industry figureheads met with White House officials on Thursday morning to attempt to mend relations between the emerging fintech sector and the U.S. Democratic Party, according to FOX Business.
The meeting reportedly grew tense when the government denied the industry’s claims that there was a coordinated effort to cut off crypto firms from the banking system – a conspiracy widely referred to as “Operation Chokepoint 2.0.”
Crypto’s Banking Troubles
As reported Thursday, Deputy Treasury Secretary Wally Adeyemo told crypto attendees that regulators weren’t actively trying to cut off crypto from the financial system.
In response, one of the crypto executives in attendance asked for a show of hands for whose crypto companies had been denied banking access due to White House policies. Almost all industry members raised their hands – a group including Mark Cuban, Anthony Scaramucci, alongside representatives from Coinbase, Kraken, Uniswap, and other firms.
“Executives didn’t hold back on telling the administration reps how much damage they’ve done to the crypto industry and to the Democrat Party with their actions against digital assets,” said one attendee, according to FOX. “They basically just got yelled at.”
Crypto’s banking troubles date back years now, beginning in earnest after the collapse of FTX, which kicked regulatory clampdowns against blockchain firms into high gear.
Nic Carter, partner at Castle Island Ventures, published a blog post titled “Operation Choke Point 2.0 Is Underway” in February that detailed some of these earlier efforts. One such action included guidance from the OCC, FDIC,
