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Caitlin Long warns that the cryptocurrency industry in the U.S. will continue to face debanking challenges until January 2026, despite recent positive legislative developments. The collapse of crypto-friendly banks in early 2023 has led to allegations of Operation Chokepoint 2.0, a government initiative aimed at pressuring banks to sever ties with crypto firms.
Michael S. Barr has resigned as Vice Chair for Supervision at the Federal Reserve, a move expected to alleviate concerns over stringent crypto regulations during President Biden's final months. Known for his anti-crypto stance, Barr's departure may signal a shift towards more balanced policies, as the Fed will not pursue major new regulations until a successor is appointed. This change comes amid a broader regulatory overhaul anticipated under President-elect Trump, who aims for a friendlier approach to digital assets.
Michael Barr, the Federal Reserve's vice chair for supervision, is resigning effective February 28, amid criticism for his role in "Operation Chokepoint 2.0," which allegedly targeted crypto companies. His departure has been welcomed by some in the crypto community, who view him as a barrier to banking services for the industry. Despite stepping down from his supervisory role, Barr will remain on the Federal Reserve Board of Governors and has advocated for responsible stablecoin regulation.
Over the past three years, around 120 crypto hedge funds, representing 75% of those surveyed, have faced significant banking challenges, including relationship terminations and vague explanations from banks. This situation has fueled discussions about "Operation Chokepoint 2.0," an alleged initiative by the Biden administration to restrict banking access for the crypto industry. While affected funds eventually found banking partners, they often turned to smaller, regional institutions.
David Sacks, a venture capitalist and former PayPal executive, has been appointed by President Trump as the White House AI & Crypto Czar, a role aimed at positioning the U.S. as a leader in these fields. His appointment is celebrated in the crypto industry, which hopes for clearer regulations and a more favorable environment after years of regulatory challenges. Sacks will lead a council to develop policies and legal frameworks for crypto businesses, working closely with the SEC and CFTC.
Caitlin Long
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