Harris campaign’s crypto ‘reset’ questioned amid Fed crackdown
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Critics argue that the US Federal Reserve’s actions are a significant overreach and could stifle innovation in the cryptocurrency sector.

The enforcement action taken by the United States Federal Reserve against the crypto-friendly Customers Bank has sparked speculation that Vice President Kamala Harris’ presidential campaign may not be genuine in its efforts to mend relations with the cryptocurrency industry.

On Aug. 9, Gemini co-founder Tyler Winklevoss took to X to highlight the Fed’s actions. “Today, the Fed confirmed that Operation Choke Point 2.0 remains in full swing, provided valuable insight into how it works, and verified that the Harris crypto ‘reset’ is a scam,” Winklevoss said.

Crypto banking crackdown

The Fed’s 13-page enforcement action against Customers Bank mandates it to provide a 30-day advance notice before entering any new banking relationship with a cryptocurrency company.

Winklevoss highlighted the broader implications of the enforcement action, stating that Customers Bank is one of the few remaining crypto-friendly banks in the United States. He said that the Federal Reserve is now controlling access to banking services for crypto companies, essentially deciding who can and cannot open a bank account, thereby limiting their ability to operate.

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