As a long-time crypto investor with a keen interest in the regulatory landscape of this exciting industry, I find myself deeply concerned by the recent developments surrounding Operation Choke Point 2.0. The actions taken by the US Federal Reserve against crypto-friendly banks like Customers Bank feel reminiscent of a cat and mouse game, where the Fed seems to be relentlessly pursuing those who dare to bank crypto.
In response to the Federal Reserve’s recent crackdown on cryptocurrency-related customers at Customers Bank, Gemini exchange co-founder Tyler Winklevoss criticized the ongoing application of Operation Choke Point 2.0. This operation signifies the practice by U.S. regulators of using financial restrictions to control the crypto sector.
Fed Operation Choke Point 2.0
On Thursday, August 8th, I observed that the U.S. Federal Reserve took action against Crypto-Friendly Customers Bank, focusing on inadequate Anti-Money Laundering (AML) practices and risk management. This move has been interpreted by crypto industry veterans as yet another heavy-handed strategy by the Fed to restrict cryptocurrency-friendly banks within the U.S.
Today, the Federal Reserve has made clear that Operation Choke Point 2.0 continues unabated, offering clarity on its operations, and confirming that the Harris cryptocurrency “reset” is a fraudulent scheme. The Fed disclosed these details in a comprehensive 13-page enforcement action it released this morning against…
— Tyler Winklevoss (@tyler) August 9, 2024
In another communication, the co-founder of Gemini, Cameron Winklevoss, expressed: “Dear Customers Bank – thank you for banking cryptocurrency. We are all indebted to your bravery, which will never be forgotten. I apologize for the inconvenience you’re experiencing. However, this situation won’t last forever. Forward we go!”
Caitlin Long Calls Out the BS on White House Meeting
On Thursday, representatives from the cryptocurrency sector engaged in intense debates with Democratic leaders during a White House meeting, expressing concerns about their proposed regulatory strategies for digital currencies. It appears that U.S. Deputy Secretary of the Treasury, Wally Adeyemo, and National Economic Council Director, Lael Brainard, were open to learning more about the specific challenges faced by the crypto industry.
In response, Caitlin Long, founder of Custodia Bank, voiced her displeasure by labeling the gathering as ineffective and essentially meaningless. She underscored the importance of tangible actions over mere dialogue.
In simpler terms, the founder of Custodia Bank criticized Lael Brainard by claiming that before moving from the Federal Reserve to the White House, she had betrayed Custodia Bank by publicly criticizing it (throwing it “under the bus”). He also accused her of being deeply involved in Operation Choke Point 2.0 and suggested that recent events are merely for show. However, he expressed a willingness to reconsider his opinion if Brainard takes concrete steps to undo the harm she may have caused.
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2024-08-09 08:17