CoinDesk Podcast Network BITCOIN SEASON 2: Operation Chokepoint 2.0 Gets Choked Out
Feb 12, 2025
The crypto landscape faces ongoing battles with regulatory pressures, particularly from Operation Chokepoint 2.0. A recent Capitol Hill hearing revealed shifting sentiments as Senators addressed the implications for the industry. The fallout from the FTX collapse and the story of Silvergate Bank highlight the struggles faced by crypto-friendly institutions. The discussion also touches on the hypocrisy of political stances and the potential for a brighter regulatory future amidst the chaos.
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Silvergate's Downfall
- Silvergate's failure wasn't solely due to the FTX fallout and bank run.
- Regulators pressured Silvergate to cap crypto deposits at 15%, crippling its business.
Chokepoint 2.0 Acknowledged
- Operation Chokepoint 2.0, previously dismissed as a conspiracy, is now acknowledged.
- The hearing offered validation for those affected by the debanking efforts.
Chokepoint 1.0 and its Impact
- Operation Chokepoint 1.0 targeted industries disfavored by the Obama administration.
- The ultimatum given to banks had a ripple effect, creating fear and further debanking.