The Suspicious Denial of Protego Trust: New York Magazine Finds Evidence of Operation Choke Point 2.0
The Breakdown
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Blockchain Association Sends FOIA Requests to the Regulators
There are troubling reports of crypto companies having their bank accounts closed, often with no notice and no explanation. This disturbing trend suggests that regulators are trying to cut crypto entirely out of the banking system. The Fed issued a statement on January 27 saying banks can't conduct quote crypto asset-related activities like issuing or holding crypto as a principle. On February 7, the Fed published it as a final rule despite not following a valid rulemaking process. At the same time, the Fed denied a membership application from Katelyn Long's custodia bank. All told, we have two months of hostile actions from the Fed, FDIC, and OCC suggesting an effort to choke crypto off from the banking
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