Everyone has been aware in recent weeks that the globe is presently witnessing the greatest banking crisis since 2008. Nevertheless, for cryptocurrency proponents, the financial difficulties have just begun. Many believe Operation Choke Point 2.0 occurred in an attempt to undermine the crypto business while blaming the United States.
While the Biden administration and authorities in the United States are pushing back against the cryptocurrency business, crypto enthusiasts are not blaming the banking issue on the failing financial system. This is referred to as Operation Choke Point 2.0 by some.
What is Operation Choke Point?
Choke Point Operations, according to William Isaac, Chairman of the Federal Deposit Insurance Corporation (FDIC) from 1981 to 1985, were meant to “target those businesses deemed as undesirable and exert regulatory pressure on the banks supporting such areas.”
From 2013 through 2017, the Obama administration’s Department of Justice initiated Operation Choke Point 1.0, which targeted organizations involved in high-risk fraud or money laundering, guns, narcotics, loans, and other dangerous industries for access to US financial services.
Operation Choke Point has been Detected by Several People
In a tweet on February 7, Nic Carter, a partner at venture capital firm Castle Island Ventures, was among the first to raise attention to Operation Choke Point.
“I don’t want to raise the alarm, but a new Operation Choke Point type operation has begun targeting the US crypto area since the beginning of the year,” Carter tweeted. “This is a well-coordinated attempt to marginalize the business and isolate it from the financial system, and it is working,” he added.
Several crypto proponents have reiterated Carter’s assertion that the government initiated Operation Choke Point 2.0 to isolate the crypto industry from all financial services in the period since Carter first mentioned the prospect of a covert crackdown on cryptocurrency.
