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The Breakdown
The History of Operation Chokepoint 2.0
Feb 7, 2025
Nick Carter, a crypto venture investor known for coining "Operation Chokepoint 2.0," dives into the recent regulatory shifts impacting the cryptocurrency sector. He discusses the reversal of anti-crypto regulations by the FDIC and reflects on their historical context. The conversation covers the regulatory pressures faced by crypto banks following the FTX collapse and explores how the industry is adapting through lawsuits and legislative efforts. Carter emphasizes the potential for improved cooperation between the crypto community and government, highlighting future innovation opportunities.
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Quick takeaways
- Operation Chokepoint 2.0 reflects a historical pattern of regulatory overreach reminiscent of the Obama-era initiative targeting high-risk industries.
- In response to regulatory pressures, the crypto industry has mobilized for transparency and accountability, fostering legislative efforts for clearer regulations.
Deep dives
The Origins of Operation Chokepoint
Operation Chokepoint originated from a series of regulatory actions taken during the Obama administration between 2013 and 2017, targeting industries deemed high risk, such as payday lending and gun sales. These legal businesses, while not criminal, faced undue pressure as financial regulators coerced banks to cut off their access to vital services. This earlier initiative was later acknowledged by the Department of Justice as a misguided program, signaling the controversial nature of such regulatory actions. The current situation within the cryptocurrency sector is being likened to this past initiative, prompting discussions about a similar pattern of behavior leading to what has been dubbed Operation Chokepoint 2.0.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode