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Tariffs News | Today's Latest Stories | Reuters

Operation Chokepoint 2.0: FDIC Documents Confirm Crypto Bias

The article from Forbes, published on February 5, 2025, discusses "Operation Choke Point 2.0," where the Federal Deposit Insurance Corporation (FDIC) has been accused of targeting cryptocurrency businesses. According to documents obtained by Forbes, the FDIC has issued warnings to banks about the risks associated with crypto, suggesting that banks could face regulatory scrutiny for dealing with crypto firms. These documents reveal a bias against the crypto industry, with the FDIC highlighting potential fraud, legal uncertainties, and the volatile nature of cryptocurrencies as reasons for caution. Critics argue that this approach not only stifles innovation but also unfairly discriminates against legitimate businesses in the crypto space, potentially pushing them towards less regulated or offshore financial systems. The article also mentions that this operation seems to echo the original Operation Choke Point from the Obama era, which aimed at cutting off certain industries from banking services, but now appears to be targeting the burgeoning crypto sector.

Read the Full Forbes Article at:
[ https://www.forbes.com/sites/digital-assets/2025/02/05/operation-chokepoint-20-fdic-documents-confirm-crypto-bias/ ]