Newsletter: Dubbing it “Operation Choke Point 2.0”, cryptocurrency companies have co-opted legitimate concerns about banking discrimination to fight regulation — and Congress is buying it. www.citationneeded.news/crypto-indus... - ThreadSky

molly.wiki • 8 days ago

Newsletter: Dubbing it “Operation Choke Point 2.0”, cryptocurrency companies have co-opted legitimate concerns about banking discrimination to fight regulation — and Congress is buying it.

https://www.citationneeded.news/crypto-industrys-debanking-smokescreen/

Comments

indigoiis.bsky.social•8 days ago

Note our DEM Gallego’s having a 5K per seat event with cryptocrud. Another Sinema. What a joke. @rubengallego.bsky.social

duskysky.bsky.social•8 days ago

They’re all in for any evidence of discrimination.

nazishmunch.bsky.social•8 days ago

@roberthockett.bsky.social

molly.wiki•8 days ago

$130 million in Congressional spending by the crypto industry helped put their claims of systemic debanking by the Biden administration and financial regulators at the top of the to-do lists for both the House and the Senate, who held hearings last week on the topic.

molly.wiki•8 days ago

On the face of it, there seemed to be bipartisan agreement that debanking is a real issue that needs to be addressed. But scratch the surface, and the two sides were discussing radically different issues.

molly.wiki•8 days ago

When it comes to claims of “Operation Choke Point 2.0”, a supposed government campaign to improperly pressure banks to not provide services to the cryptocurrency industry wholesale, little has emerged in the way of proof of such a campaign (despite the industry’s claims).

molly.wiki•8 days ago

Even Republicans and their invited witnesses — to Senator Kennedy’s apparent surprise — disagree as to whether denial of banking services is some sort of nefarious government campaign or just banks making their own decisions.

molly.wiki•8 days ago

The crypto industry has in the past claimed to have obtained firm proof of “OCP 2.0” via FOIA-ed FDIC documents, but as I wrote then, those documents did not support their bold claims.

https://bsky.app/profile/molly.wiki/post/3lfg46gwwtk2p

molly.wiki•8 days ago

They have been making similar claims about a new, nearly 800-page dump of FDIC communications with banks, which I analyze in detail.

Once again, the industry conflates supposed crypto debanking with regulators scrutinizing banks planning to themselves offer crypto products.