Stuart Alderoty, the legal head at Ripple, expressed his viewpoint that the Federal Deposit Insurance Corporation (FDIC) attempted to create a sense of alarm among numerous banks by sending threatening letters.
A former bank general counsel expressed concern over cryptocurrency matters on social media, stating that the tone of these letters implies an immediate halt to all crypto activities, not just those specifically listed.
As an analyst, I’ve recently found myself in possession of a trove of unredacted correspondence between the FDIC and several banks, following a successful court order obtained by Coinbase.
As reported by Paul Grewal, the chief legal officer at Coinbase, there seems to have been a concerted attempt aimed at halting numerous cryptocurrency actions, such as everyday Bitcoin transactions.
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These newly released correspondence pieces are generally believed to bolster the crypto sector’s decades-long assertions regarding the alleged “Operation Choke Point 2.0.”
Back in 2013, an operation known as “Operation Chokepoint” was exposed by The Wall Street Journal. This operation, led by the FDIC, involved informally advising banks to restrict transactions related to high-risk activities, such as firework sales and payday loans. Critics heavily criticized this initiative due to its apparent violation of fair treatment, as it appeared to single out specific industries that were not favored.
Cryptocurrency advocates have alleged that a similar playbook is being used against their industry.
Previously, Alderoty elaborated on what he referred to as the alleged origins of this anti-cryptocurrency movement. He suggested that the focus shifted to cryptocurrencies in 2021 when the Office of the Comptroller of the Currency (OCC) began requiring banks to seek approval ahead of their crypto-related activities. This was later echoed by the FDIC in 2022.
Grewal urged the current Congress to promptly hold hearings into these reported clampdown allegations.
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2025-01-05 14:28