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CryptoLaw has accused the FDIC of prioritizing sanctions against crypto firms while allowing U.S. companies to send payments to sanctioned Russian banks, as revealed in a class action lawsuit against Deel. This has reignited claims of a systematic effort to debank the crypto industry, reminiscent of Operation Chokepoint. Coinbase's recent FOIA documents suggest the FDIC instructed banks to pause crypto services, a claim disputed by FDIC Chair Martin Gruenberg, who insists the guidance was about discouraging banks from holding crypto 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.
Former U.S. prosecutor John Deaton has proposed leading an investigation into the rumored Operation Chokepoint 2.0, which allegedly aims to restrict banking services for the crypto industry. He expressed concerns over regulatory overreach and its implications for institutional integrity, emphasizing the need for transparency. This proposal follows Deaton's recent loss in the Massachusetts Senate race, where he criticized Senator Elizabeth Warren's anti-crypto stance.
US regulators, particularly the FDIC, have advised banks to pause new crypto ventures without imposing a full ban on serving crypto firms. Recent supervisory letters reveal a cautious approach to direct crypto involvement, highlighting evolving risks while Coinbase calls for congressional investigation into these regulatory measures. As a potential policy shift looms with a new administration, regulators continue to balance financial stability against the backdrop of crypto volatility and scams.
Operation Choke Point 2.0 is an alleged initiative by the Biden administration aimed at restricting crypto firms' access to banking services, drawing parallels to a previous program under Obama. Critics argue that regulatory actions from agencies like the SEC and FDIC have pressured banks to sever ties with the crypto industry, despite official denials of the program's existence. Trump has pledged to dismantle this initiative if re-elected, echoing his previous efforts to end the original Operation Choke Point.
President-elect Donald Trump’s transition team is considering a significant restructuring of financial regulatory agencies, including the potential abolition of the FDIC and merging its functions with the Treasury Department. Major changes would require congressional approval, which is historically challenging. The banking industry anticipates benefits from Trump’s reelection, with expectations of rolling back regulations imposed during the Biden administration, particularly those affecting capital requirements and the crypto sector. FDIC Chair Martin Gruenberg has announced his retirement effective January 19, 2025, amid internal investigations into workplace issues.
Donald Trump’s transition team is considering consolidating or eliminating key banking regulators, which could create a more favorable environment for the cryptocurrency market. This potential reform includes merging the FDIC, OCC, and Federal Reserve, aiming to reduce regulatory burdens that some view as stifling innovation. As Trump prepares to appoint a new FDIC leader amid criticism of current oversight practices, the crypto sector is rallying behind pro-crypto candidates, marking a significant shift in regulatory dynamics that could enhance operational efficiency and investor confidence.
Trump's administration is poised to reshape U.S. banking regulations, potentially consolidating or eliminating agencies like the FDIC, as part of a broader push for crypto-friendly policies. With support from figures like Elon Musk, the focus is on dismantling perceived regulatory overreach and empowering smaller investors, as seen with the rising Wall Street Pepe meme coin. As the crypto market experiences bullish trends, the administration's moves could signal a significant shift in the financial landscape.
Banks are increasingly distancing themselves from the crypto industry, citing regulatory scrutiny and the need to mitigate risks associated with potential illegal activities. This trend, often referred to as "derisking," has led to significant account closures for crypto entrepreneurs, raising concerns about a possible repeat of the controversial Operation Chokepoint initiative from the Obama Administration. Critics argue that this could stifle legitimate businesses while regulators maintain that their actions are necessary to protect the banking system's stability.
Martin Gruenberg, the Chair of the Federal Deposit Insurance Corp. (FDIC), will resign on January 19, just before the inauguration. In a message to agency employees, he expressed gratitude for the honor of serving at the FDIC and praised the dedicated public servants working to fulfill the agency"s vital mission.
Martin Gruenberg
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