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Fed’s Operation Choke Point 2.0 Continues Despite Action on Customers Bank

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Fed’s Operation Choke Point 2.0 Continues Despite Action on Customers Bank

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By cmcdelete@edb8d1ee4ec9a85c04690131b307c085

7 months ago

•

2 mins read

Fed’s Operation Choke Point 2.0 Continues Despite Action on Customers Bank

Fed Targets Customers Bank: Crypto Industry Responds
Crypto Industry Criticizes White House Meeting on Regulations

Custodia Bank founder Caitlin Long has criticized the recent White House meeting with crypto leaders, deeming it ineffective. She highlighted concerns about Operation Choke Point, a U.S. regulatory effort to use financial restrictions to target the cryptocurrency industry.

In response to recent enforcement actions by the U.S. Federal Reserve against the crypto-friendly Customers Bank, Tyler Winklevoss, co-founder of Gemini exchange, also voiced criticism. He pointed out that Operation Choke Point 2.0 continues to suppress crypto activities through financial censorship.

Fed Targets Customers Bank: Crypto Industry Responds

On Thursday, August 8, the U.S. Federal Reserve took action against crypto-friendly Customers Bank, citing insufficient anti-money laundering (AML) and risk management practices. Many in the crypto industry view this move as another heavy-handed tactic by the Fed to undermine crypto-friendly banks in the United States.

Tyler Winklevoss criticized the Harris administration, labeling their “crypto reset” approach as a scam. Meanwhile, Cameron Winklevoss, co-founder of Gemini, expressed support for Customers Bank, stating, “Dear Customers Bank – thank you for banking crypto. We all owe you a debt of gratitude. Your courage will not be forgotten. Sorry, you have to deal with this nonsense. But this too shall pass. Onward!”

See further detail, Source: X

Crypto Industry Criticizes White House Meeting on Regulations

On Thursday, the crypto industry engaged in a heated debate with Democratic leaders during a White House meeting, criticizing their approach to crypto regulations. Reports indicate that U.S. Deputy Secretary of the Treasury Wally Adeyemo and National Economic Council Director Lael Brainard were open to understanding the industry’s concerns.

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However, Caitlin Long, founder of Custodia Bank, dismissed the meeting as unproductive. She criticized the leaders for focusing on words rather than actionable solutions. Long specifically called out Lael Brainard, accusing her of undermining Custodia Bank before her transition from the Federal Reserve to the White House. Long also alleged that Brainard is involved in Operation Choke Point 2.0 and characterized the current developments as mere theatrics. “If she delivers actions to reverse the damage, I’ll be fair and change my mind,” Long added.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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