Coinbase, one of the leading cryptocurrency exchanges, is in the spotlight for its active stance in countering Operation Chokepoint 2.0—a campaign aimed at limiting banking services to crypto companies in the USA.
Architects of Operation Chokepoint 2.0
Operation Chokepoint 2.0 is viewed as a campaign launched by US regulators to strip crypto companies of financial services. Initiated by the Department of Justice and other agencies, including the FDIC, it aims to sever banks' ties with high-risk businesses like crypto companies.
Coinbase’s Role in Fighting Regulators
Last year, Coinbase obtained 'pause letters' from the FDIC that revealed efforts to limit banking access for crypto firms in 2022. Recently, Coinbase secured unredacted versions of these letters through a court order compelling the FDIC’s compliance. This provided evidence of the FDIC's role in coordinated efforts to restrict crypto company operations.
Donald Trump and Chokepoint: Expectations
The crypto community eagerly anticipates steps by President-elect Donald Trump's administration regarding Operation Chokepoint 2.0. Trump has declared himself a proponent of the crypto industry, and many expect him to investigate this initiative.
Operation Chokepoint 2.0 remains a critical topic in the crypto industry, and Coinbase's proactive actions highlight the push for transparency and defense of crypto companies' interests.
