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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.
FDIC interim Chair Travis Hill criticized the agency's "debanking" of crypto firms, labeling it "unacceptable" and contrary to its mission of reducing unbanked Americans. He urged an end to such practices and called for clearer guidance on crypto activities, emphasizing the need for innovation and collaboration with the fintech industry. Hill's remarks signal a potential shift in the FDIC's approach as leadership transitions occur.
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.
John Deaton, a prominent XRP advocate and lawyer, is rallying support for an investigation into "ChokePoint 2.0," a government initiative aimed at restricting banking access for the crypto industry. He argues that this initiative undermines free market principles and calls for accountability from unelected officials. Deaton's appeal has gained traction within the crypto community, with notable figures and organizations, including Coinbase, backing the push for transparency regarding the FDIC's actions.
The 119th Congress prioritizes crypto legislation, focusing on stablecoins and market structure, with hopes for clarity on regulatory oversight. While bipartisan support exists, significant delays are expected, as political pressures and other legislative priorities may slow progress. Optimism for a national bitcoin reserve remains low, with experts doubting swift action.
Investment manager VanEck forecasts that a US Bitcoin Reserve could offset up to 35% of the national debt by 2050, supporting Senator Cynthia Lummis’s BITCOIN Act, which aims to acquire one million BTC by 2029. With an estimated reserve value of $42 trillion by 2049, assuming a conservative 25% annual growth rate, the plan suggests a gradual accumulation process costing around $320 billion. Advocates argue that Bitcoin could enhance fiscal stability and support US energy goals, despite current prohibitions on government purchases.
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.
Bitcoin is projected to reach $145,000 by mid-2025, with a best-case scenario of $200,000, driven by significant institutional adoption and $36 billion in investments into spot Bitcoin ETFs. Analysts anticipate minor corrections but a steady upward trend, particularly following the April 2024 halving event. Predictions suggest potential peaks around late 2025, with some experts envisioning prices as high as $900,000 if Bitcoin matches gold's market cap.
Bitcoin is projected to reach between $145,000 and $200,000 by mid-2025, driven by strong institutional demand and mild price corrections, according to Bitfinex analysts. With over $36 billion invested in U.S.-based spot Bitcoin ETFs, the market is expected to see continued growth despite anticipated volatility in early 2025. Speculation around a potential U.S. Bitcoin strategic reserve under a new administration could further alter market dynamics.
Nic Carter
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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