Custodia Bank has accused the Federal Reserve of politically motivated actions aimed at undermining crypto-friendly banks, a claim that aligns with broader allegations against the Fed, FDIC, and OCC. These regulatory bodies have been accused of implementing 'Operation Choke Point 2.0,' a crackdown on banks servicing the cryptocurrency industry, which began in the spring of 2023. Critics argue that this operation led to the collapse of banks such as Silvergate and Signature, causing significant financial losses. The controversy has sparked legal actions from affected parties, who claim that the Fed's actions were not only irresponsible but also damaging to taxpayer money and shareholder value. The regional banking crisis was exacerbated by a joint memo designed to scare depositors, further impacting the financial stability of these institutions.