Donald Trump pledged to end the alleged Operation Choke Point 2.0 if re-elected. Central to this effort is David Sacks, one of the primary appointees serving as “crypto czar” in Trump’s pro-crypto push.
In a recent post on X (Twitter), Sacks vowed to investigate and reverse policies seen as undermining the cryptocurrency sector. This move aligns with Trump’s commitment to ensuring fair banking practices for digital asset companies.
David Sacks to Tackle Targeted Suppression against Banks
Operation Choke Point 2.0 refers to an alleged US government strategy to curtail cryptocurrency activity by leveraging banking regulations. The initiative came into focus in 2022 when the Federal Deposit Insurance Corporation (FDIC) reportedly pressured financial institutions to limit services to crypto firms. Sacks says this needs to be addressed.
“There are too many stories of people being hurt by Operation Choke Point 2.0. It needs to be looked at,” he said.
Coinbase recently substantiated these claims by releasing letters showing that the FDIC instructed banks to pause or cease crypto-related banking activities. Paul Grewal, Coinbase’s Chief Legal Officer, described the findings as evidence that this was not just a conspiracy theory. He committed that Coinbase would continue pursuing transparency through legal means.
“Law-abiding American businesses should be able to access banking services without government interference,” Grewal emphasized.
Meanwhile, one of the most high-profile casualties of these policies was
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Author: Lockridge Okoth
