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Operation Chokepoint 2.0 Rolled Back, Crypto Community Celebrates

The Federal Deposit Insurance Corporation (FDIC) has followed the U.S. Office of the Comptroller of the Currency (OCC) in removing “reputational risk” as a factor in bank oversight. This move effectively rolls back the controversial Operation Chokepoint 2.0, which had led to the debanking of crypto companies.

Reducing Political Influence

David Sacks called this a significant step forward for crypto, as the vague “reputational risk” criteria targeted businesses based on negative publicity, true or not. The new policy aims to make banking regulations more objective and fairer, reducing political influence on the sector.

Source: X (@EleanorTerret)

He also credited Senator Tim Scott for his role in pushing these changes through the Financial Institution Reform and Modernization (FIRM) Act, which is expected to improve the environment for crypto businesses.

Eliminating Regulatory Uncertainty

Fox Business’ Eleanor Terrett criticized “regulation by enforcement,” citing Ripple’s $150-$200 million in legal fees with little progress since the SEC’s 2020 lawsuit.

She also noted the harm to XRP holders and other crypto projects due to regulatory uncertainty, criticizing former SEC Chair Gary Gensler for focusing on crypto while overlooking major issues like FTX and Celsius.