Remember when we looked at Operation Chokepoint 2.0? Well, there’s an update on what’s going on.
Just weeks after receiving a letter from the Cooper & Kirk law firm alerting Congress to the coordinated de-banking efforts of the FDIC, Federal Reserve, and OCC in the crypto industry, these federal agencies are now required to disclose further details by May 9, 2023.
You can read what the House Financial Services Committee sent here, but here are the main points:
Accusations against FDIC, Federal Reserve, and OCC:
- Coordinating efforts to de-bank the digital asset ecosystem
- Covertly pressuring banks to avoid providing services to digital asset firms since 2021
- Suppressing innovation in the digital asset space
Demands from the House Committee on Financial Services:
- Records and communications related to compliance with Interpretive Letter #1179
- Records and communications related to compliance with Joint Statement on Crypto-Asset Risks to Banking Organizations
- Records and communications between employees of the Fed and state regulatory agencies concerning compliance with the above documents
We’ll keep you updated as this story develops.