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3 Comments
Operation Chokepoint 2.0 refers to a rumored and unconfirmed United States government initiative to pressure banks into refusing or limiting services to crypto businesses, which may have caused crypto exchanges like Binance to spend time without a local banking partner after Silvergate and Signature Bank collapsed in March 2023.
tldr; Martin Gruenberg, chair of the Federal Deposit Insurance Corporation (FDIC) and alleged ‘architect of Operation Chokepoint 2.0,’ announced his retirement effective January 19, a day before Donald Trump’s inauguration. Gruenberg, a Democrat, informed President Joe Biden of his decision. Republican Representative Tom Emmer criticized Gruenberg, accusing him of failing to protect FDIC employees from a toxic work environment. Operation Chokepoint 2.0 allegedly pressured banks to limit services to crypto businesses. Gruenberg’s departure allows Trump to appoint a new FDIC chair.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
>FDIC under his watch fostered a culture that exposed staff to sexual assault, harassment and mistreatment.
Under his leadership, the agency has improved internally, but the choke damage on crypto industry is irreversible. If there were a ranking board, Gensler would take first place, with him coming in second.