House Republicans Officially Confirm “Operation Choke Point 2.0” Targeted Bitcoin And Crypto Firms
House Republicans released a report confirming regulatory efforts, dubbed "Operation Chokepoint 2.0," targeted U.S. crypto firms through informal pressure.Summary
Republicans on the House Financial Services Committee released a 50-page report confirming a systematic debanking effort by Biden-era regulators against Bitcoin and crypto firms, which they term “Operation Chokepoint 2.0.” The report details how agencies like the Federal Reserve, FDIC, and OCC used informal guidance, such as “non-objection” letters, to pressure banks into severing ties with crypto companies without formal enforcement actions. Simultaneously, the SEC allegedly employed an “enforce first, make rules never” approach, highlighted by guidance like SAB 121, which restricted banks from offering crypto custody. Committee Republicans argue these tactics mirror the controversial Operation Choke Point from the 2010s, resulting in legitimate American businesses being forced abroad or shut down due to regulatory overreach and creating a chilling effect on the digital-asset sector.
(Source：Bitcoin Magazine)