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A few things regulators could do on Day One to reverse policy are 1) rescind the January 2023 joint banking regulators’ guidance warning banks against serving crypto clients and engaging in crypto activities of their own; 2) rescind the OCC’s Interpretive Letter 1179 requirement… https://t.co/Z6ZLekKbrD
A few things regulators could do immediately to reverse policy are 1) rescind the January 2023 joint banking regulators’ guidance warning banks from serving crypto clients and engaging in crypto activities of their own; 2) rescind the OCC’s Interpretive Letter 1179 requirement… https://t.co/Z6ZLekKJhb
Five steps to address Operation Chokepoint 2.0: 1) fully expose debanking from 2022 to present 2) punish those who acted lawlessly 3) instruct regulators to immediately reverse policy 4) mandate neutrality by rulemaking and legislation 5) authorize banks to do business in crypto
Calls for an investigation into Operation Choke Point 2.0 have intensified among industry advocates and experts. They emphasize the need to uncover the full extent of the operation, which has implications for the cryptocurrency sector. The new FDIC chair's acknowledgment of Operation Choke Point 2.0 has been welcomed, prompting discussions on necessary regulatory reforms. Proposals include exposing debanking practices from 2022 to the present, punishing unlawful actions, reversing existing policies, and ensuring neutrality in banking regulations. Specific actions suggested include rescinding a January 2023 guidance that warned banks against serving crypto clients and reversing the OCC’s Interpretive Letter 1179, which has impacted banks' engagement with cryptocurrency activities.