Is Operation Chokepoint Back and Targeting Cryptocurrencies?

Nicholas AnthonyOperation Chokepoint may be the most infamous example of the U.S. government using its weight to pressure the financial system in recent history. The operation was thought to have ended with the Obama administration, but now many fear that cryptocurrencies have been caught in the crosshairs of a similar effort.For those that are unfamiliar,Operation Chokepoint was a coordinated effort between the Department of Justice (DOJ), Federal Deposit Insurance Corporation (FDIC), and Office of the Comptroller of the Currency (OCC) to shut down politically controversial businesses by restricting their access to banks. Asone official described it, the operation was designed to “[choke] them off from the very air they need to survive.” Certainbusinesses, including payday lenders, coin dealers, and gun shops, were suddenly pushed out of the banking system not for breaking the law, but for being politically disfavored.In a recent report that broke the story of today ’s saga, what some are referring to as Operation Chokepoint 2.0,Nic Carter wrote,What began as a trickle is now a flood: the U.S. government is using the banking sector to organize a sophisticated, widespread crackdown against the crypto industry. And the administration ’s efforts are no secret: they’re expressed plainly in memos, regulatory guidance, and blog posts.To be fair, and as Carter explains, the cryptocurrency industry has always had difficulty tapping into the existing banking system. However...
Source: Cato-at-liberty - Category: American Health Authors: Source Type: blogs