TLDR
- Tyler Winklevoss warns about “Operation Chokepoint 2.0” targeting crypto companies
- Federal Reserve found “deficiencies” in Customers Bank’s anti-money laundering compliance
- Customers Bank must now notify Fed 30 days before new crypto banking relationships
- Winklevoss claims Fed actions limit banking access for crypto companies
- Crypto industry concerned about regulatory pressures in the United States
The cryptocurrency world is buzzing with talk about “Operation Chokepoint 2.0” after recent actions by the Federal Reserve. This term, used by some in the crypto community, refers to what they see as efforts to limit banking access for crypto companies.
At the center of this discussion is Customers Bank, known for working with crypto businesses. The Federal Reserve recently found problems with how the bank follows anti-money laundering rules. As a result, Customers Bank now has to tell the Fed 30 days before it starts working with any new crypto company.
Tyler Winklevoss, who helped start the Gemini crypto exchange, spoke out about this. He said the Fed’s decision makes it harder for crypto companies to get bank accounts. Winklevoss pointed out that Customers Bank is one of the few banks left that works with crypto businesses.
“Given that Customers Bank is one of the only few crypto-friendly banks remaining in America today, this means that the Fed is now a direct gatekeeper standing between crypto companies and their ability to get a new bank account,” Winklevoss said.
The Federal Reserve said it found “significant deficiencies” in how Customers Bank follows anti-money laundering rules. This led to the new rule about telling the Fed before working with crypto companies.
Winklevoss thinks this is part of a bigger plan to make things difficult for crypto businesses in the U.S. He believes regulators are trying to cut off important services that these companies need to operate.
Today, the Fed confirmed that Operation Choke Point 2.0 remains in full swing, provided valuable insight into how it works, and verified that the Harris crypto "reset" is a scam. The Fed revealed all of this in a 13-page enforcement action it issued this morning against… pic.twitter.com/zhLRRWAH0E
— Tyler Winklevoss (@tyler) August 9, 2024
This situation has made many in the crypto world worried. They fear it might become even harder to run a crypto business in the United States. Some think regulators are trying to slow down the growth of cryptocurrencies.
Cameron Winklevoss, Tyler’s brother, also shared his thoughts. He talked about a rumored plan by Vice President Kamala Harris to “reset” how the government deals with crypto companies. Cameron called this plan a “big bluff.”
The crypto industry is watching these events closely. Many are concerned about what might happen next. They worry that more rules could make it harder to use and develop cryptocurrencies in the U.S.
The Federal Reserve’s action against Customers Bank is seen by some as a sign of tougher times ahead. Crypto companies might find it more difficult to get the banking services they need to operate.
As this situation unfolds, crypto businesses and enthusiasts are waiting to see what will happen next. They’re especially interested in how regulators will treat cryptocurrencies in the future.
The Federal Reserve has not commented directly on claims about “Operation Chokepoint 2.0.” For now, the crypto industry continues to operate under increased regulatory scrutiny.
