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Is the crypto industry in danger? VC Nic Carter says Operation Choke Point 2.0 is well underway

Press Releases Crypto News CryptoSlate Is the crypto industry in danger? VC Nic Carter says Operation Choke Point 2.0 is well underway

According to venture capitalist and longtime crypto supporter Nic Carter, the recent crackdown on the US crypto industry can be dubbed “Operation Choke Point 2.0.”

Carter argues that inter-governmental organizations are working to suffocate and destroy the crypto industry.

Carter’s post, titled “Operation Choke Point 2.0 Is Underway, And Crypto Is In Its Crosshairs,” presents a series of negative news stories that, when combined, suggest a deliberate, government-led attempt to discourage traditional financial institutions from supporting the crypto industry.

What is Operation Choke Point?

In 2018, the Conservative Washington political news outlet The Hill published an op-ed by Frank Keaton, former President of the American Bankers Association, entitled “Operation Choke Point reveals true injustices of Obama’s Justice Department.”

Operation Choke Point, Keaton said, was a relatively unknown program conducted by President Obama’s Department of Justice (DOJ). According to Keaton, it unjustly targeted small businesses without any consequences for those involved, with the program utilizing federal officials to pressure banks into closing the accounts of companies solely because of ideological differences:

“Operation Choke Point had more in common with a purge of ideological foes than a regulatory enforcement action. It targeted wide swaths of businesses with little regard for whether legal businesses were swept up and harmed. In fact, that seemed to be the goal.”

Keaton said the program operated unchecked for years, noting that officials at both the OCC and FDIC threatened banks with regulatory consequences if they did not comply with their demands. As a result, legitimate businesses such as gun and ammunition dealers and payday lenders suddenly had their accounts terminated by banks with little explanati

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Author: Dorian Batycka

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