In the vast and often perplexing landscape of American politics, there once existed a peculiar operation known as ‘Operation Chokepoint,’ a term that found its way into the common vernacular during the Biden administration. This operation, a testament to the government’s ever-watchful eye, sought to stifle the burgeoning crypto industry, a task which Mr. Trump, with his characteristic flair, has since rectified upon ascending to the Oval Office. 🏺
What Operation Chokepoint Was About
The intricate details of Operation Chokepoint were first brought to light by the astute Venture Capitalist, Nic Carter, who, in 2023, unveiled a new operation targeting the crypto space in the United States. He described it as a meticulously orchestrated effort to marginalize the industry and sever any connections it might have with the banking system. 🕵️♂️
Under the shadow of Operation Chokepoint, regulators issued stern directives to banks, urging them to cease providing services to crypto firms. This led to a chorus of discontent from prominent figures in the crypto world, including Tyler Winklevoss, Roman Storm, and Jesse Powell, who found themselves and their enterprises pushed to the fringes. Even the world’s wealthiest man, Elon Musk, lamented that 30 tech founders were secretly debanked, adding a layer of mystery and intrigue to the saga. 🤑
Crypto banks, such as Silvergate, Signature, and Silicon Valley Bank, which stood firm in their support of crypto firms, did not escape the wrath of Operation Chokepoint. Nic Carter highlighted how anti-crypto Senator Elizabeth Warren, in the aftermath of the FTX collapse, incited a bank run against Silvergate. Yet, Carter emphasized that Silvergate remained solvent until the very end, and its directors opted for a voluntary liquidation, not due to financial insolvency, but as a direct consequence of Operation Chokepoint. 🏦
Carter further elucidated that the voluntary wind-down was not an indication of the inherent risks associated with crypto but rather a stark illustration of the regulatory overreach and the ability of regulators to “capriciously” extinguish the firms they oversee. Interestingly, the tentacles of Operation Chokepoint reached even the likes of Donald Trump, whose deposits were reportedly rejected by JPMorgan and Bank of America, making him acutely aware of the plight of the crypto industry. Thus, he vowed to dismantle it should he ascend to power. 🙅♂️
Donald Trump Fulfills His Promise
True to his word, the U.S. President has fulfilled his pledge to terminate Operation Chokepoint, signing an executive order that ensures equitable banking for all Americans. The order explicitly cited Operation Chokepoint as an egregious example of how bank regulators wielded supervisory scrutiny and undue influence to promote politicized or unlawful debanking activities. 📜
To address this, federal banking regulators have been instructed to eliminate the use of reputation risk or similar concepts that could lead to politicized or unlawful banking practices from their guidance documents and regulatory materials. These changes are to be implemented within 180 days of the order, with the Federal Reserve having already announced the cessation of reputational risk oversight. 🕊️
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2025-08-12 19:35