- Fed Order
- David Schwartz’s Critique
- 'Chokepoint 2.0' and Community Reaction
The U.S. Federal Reserve has ordered United Texas Bank to halt operations, citing deficiencies in risk management and crypto dealings.
Fed Order
The U.S. Federal Reserve issued an order requiring United Texas Bank to cease its operations. The document highlights deficiencies in the bank’s handling of virtual currency customers and anti-money laundering compliance.
David Schwartz’s Critique
Ripple CTO David Schwartz criticized the Fed’s decision, calling it an indirect attack on the crypto sector.
'Chokepoint 2.0' and Community Reaction
The community calls the government’s approach 'Chokepoint 2.0', pointing out that regulators are targeting the banking partners of crypto companies, raising growing concerns.
This incident highlights the tension between the crypto community and regulators, sparking numerous discussions about the future of cryptocurrency regulation.
