Operation Choke Point 2.0 Cast a Wider Net than we knew
It is common knowledge, in the Crypto realm that Operation Choke point 2.0, was real. Now, new evidence has been released (redacted of course) showing a much broader scope to the choke point operations. If you are not familiar with the story please go to the above hyperlink and catch up then come back and read on.
Back in 2017 the sitting President at the time was Trump and he declared to Congress that this was over. This occurred via a DOJ wrote a letter to Congress indicating that Operation Choke Point was officially over. In 2018, the FDIC promised to limit its personnel’s ability to “terminate account relationships” and to put “additional training” into place for its examiners. After SVB & SIVB banks were seized it seems the FDIC was still gating access to crypto by limiting Wire transfers to exchanges and money being accepted from exchanges (i.e. after crypto assets were sold). Additional limiting actions included Debanking for individuals and institutions alike.
To this day people and corporations are still being gated by Banks of all sizes while attempting to wire funds from properly funded accounts. They are being slow walked with having these funds released to exchanges. Instead of several thousands of dollars being transferred banks in a single transfer these funds are trickling out $300-$400 per day. So much for paying your $35 wire fee expecting the banking system to work for you. I heard from another individual that went to another of his banks and tried to wire the same amount of money to a crypto exchange and experienced the same slow walk release of his wire transfer funds and this person had a personal banker (so his wealth level clip is high).
The new documents came about due to Coinbase requesting a FOIA (Freedom of Information Act) which they filed back on Oct. 18th. The docs undercover a couple of new facts. Choke Point 2.0 was real, not some tin foil hat conspiracy as the US Gov. and Mainstream media proclaimed from the DC rooftops. The docs also show the lengths to which this operation spanned.
A new revelation points to The US Federal Reserve being involved. Letters confirm that Choke Point 2.0 told Banks to avoid Crypto
Summary
Government officials have tried to choke out Crypto, now the President elect will unleash it. Expect volatility as the markets attempt to find equilibrium. Perhaps we even get new legislation prohibiting such Anti-business practices or dare I say anything against bank practices! Recall these are lawful activities being limited by banks of all sizes.
Credit - Blog image - Bitcoin magazine - ALL RIGHTS Remain
