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Chokepoint 2.0: An Investigation Promises the Truth About Crypto's Biggest Conspiracy

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Summary
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76% Informative

In crypto circles, tales of difficulties in securing loans, banking and other financial services in the US are common.

Large US banks have been reluctant to do business with crypto firms for many years ; in 2017 , JP Morgan CEO Jamie Dimon described bitcoin as “fraud” But during the Joe Biden administration, members of the industry—with crypto venture capitalist Nic Carter leading the chorus—began to cry conspiracy.

700 pages of documents released by the FDIC chronicle FDIC ’s communications with banks about crypto during the Biden presidency.

The documents chronicle letters in which FDIC directed banks to pause plans to provide various crypto-related services to clients.

No smoking gun—whether documentary evidence or insider testimony—has yet emerged to prove the Operation Chokepoint 2.0 theory.

After FTX collapsed, banks had particular reason for limiting the number of crypto clients they worked with, says Tunstall .

This was to protect themselves from the reputational risk associated with providing services to a company later revealed to be fraudulent, he says.

Nevertheless, crypto figures are using this opportunity to call for various reforms.

VR Score

75

Informative language

72

Neutral language

46

Article tone

semi-formal

Language

English

Language complexity

58

Offensive language

possibly offensive

Hate speech

not hateful

Attention-grabbing headline

not detected

Known propaganda techniques

not detected

Time-value

short-lived

External references

18

http://alliedprogress.org/wp-content/uploads/2017/08/2017-8-16-Operation-Chokepoint-Goodlatte.pdfhttps://x.com/faryarshirzad/status/1886743854113808869https://www.federalreserve.gov/newsevents/pressreleases/files/bcreg20230223a1.pdfhttps://www.youtube.com/watch?v=ye8MOfxD5nU&t=5968shttps://fdic.gov/foia/correspondence-related-crypto-related-activitieshttps://www.courtlistener.com/docket/68486662/custodia-bank-v-federal-reserve-board-of-governors/?filed_after=&filed_before=&entry_gte=&entry_lte=&order_by=aschttps://www.bloomberg.com/news/articles/2017-09-12/jpmorgan-s-ceo-says-he-d-fire-traders-who-bet-on-fraud-bitcoinhttps://youtu.be/EiEIfBatnH8?t=1670https://www.banking.senate.gov/newsroom/majority/scott-presses-powell-to-ensure-economy-financial-regulation-promotes-opportunity-for-hardworking-americanshttps://financialservices.house.gov/calendar/eventsingle.aspx?EventID=409451https://www.federalreserve.gov/newsevents/pressreleases/files/bcreg20230103a1.pdfhttps://x.com/iampaulgrewal/status/1852433093707387026https://www.wsj.com/finance/banking/crypto-companies-behind-tether-used-falsified-documents-and-shell-companies-to-get-bank-accounts-f798b0a5https://www.piratewires.com/p/crypto-choke-pointhttps://www.banking.senate.gov/hearings/investigating-the-real-impacts-of-debanking-in-americahttps://www.federalreserve.gov/apps/proposalshttps://www.whitehouse.gov/nec/briefing-room/2023/01/27/the-administrations-roadmap-to-mitigate-cryptocurrencies-risks/https://www.youtube.com/watch?v=nC8RLn1Bb7c

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