Stuart Alderoty (@s_alderoty): Operation Chokepoint 2.0: The Origin Story
Estimated coin impact
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Operation Chokepoint 2.0: The Origin Story - In 2012, regulators (FDIC, OCC, Fed) weaponized banks against disfavored industries (gun stores, payday lenders, etc.) under the original “Operation Chokepoint.” Fast forward to 2021: crypto is the new target. - 1/28/21: Biden's OCC kills "Fair Access To Banking Rule." - 11/18/21: OCC demands pre-approval for banks' crypto activities (Interpretive Letter 1179). - 4/7/22: FDIC follows suit. - 1/3/23: Fed, FDIC, OCC warn banks of “crypto risks.” - 2/23/23: Another warning issued. - These warnings include the boilerplate: “Banks are not discouraged from serving crypto customers.” As a former bank GC, I can decode that: "Don’t even think about it."