Government Scrutiny Targets Crypto Industry: A Look into Operation Chokepoint 2.0 – BitRss

The Biden administration’s alleged pressure on the crypto industry, isolating it from banks, has drawn attention to what experts call “Operation Chokepoint 2.0.” With former President Donald Trump’s potential return to office, the crypto sector anticipates reforms that may encourage the U.S. banking industry to adopt cryptocurrencies. Lawmakers are also focusing on regulatory excesses in an effort to attract investor interest.

Investigating Operation Chokepoint 2.0

The U.S. House Oversight and Government Reform Committee has initiated investigations into claims that crypto companies and individuals have been deprived of banking services. Committee Chairman James Comer aims to gather testimonies from affected individuals and businesses.

Marc Andreessen, co-founder of Andreessen Horowitz, labeled the banking deprivation process under Biden as “Operation Chokepoint 2.0.” Coinbase CEO Brian Armstrong and Legal Director Paul Grewal also supported this view. Grewal stated that “financial regulators have employed various tools to weaken the digital asset industry.”

SEC’s Aggressive Regulations

Hayden Adams, founder of Uniswap Labs, noted that bank accounts have been closed without prior notice. Armstrong mentioned that banks have severed ties with ov…