Choke Point 2.0: Documents Increase Suspicions of FDIC Crackdown on Cryptocurrencies

• Choke Point 2.0: Government pressure on cryptocurrencies
• FDIC: Letters reinforce fears of banking restrictions
• Bitcoin: Target of blocking in transactions and services

New documents obtained through lawsuits indicate that the Federal Deposit Insurance Corporation (FDIC) may have sent instructions to several banks to curtail cryptocurrency-related activities. The discovery reportedly came after Coinbase gained access to previously redacted letters allegedly demonstrating a strategy to limit digital asset services in the United States.

🚨JUST IN: Through a 🇺🇸Court order, @coinbas to has obtained the unredacted files from @FDICgov and its role in the Operation Chokepoint 2.0 agenda

The documents show a coordinated effort to stop a variety of crypto activity Paul Grewal calls upon 🇺🇸Congress to launch hearings… pic.twitter.com/Hy7eiRRo1d

— CryptosRus (@CryptosR_Us) January 3, 2025

The initiative, dubbed “Choke Point 2.0” by some experts, would involve guidelines ranging from suspending Bitcoin transactions to restricting the issuance of stablecoins. While much of the content has been kept under wraps, the release of clearer excerpts has reignited debate over a possible government move to restrict the growth of crypto services in the United States.

According to market voices, this new information would reveal that at least 25 letters were sent to banks, requesting the closure or reduction of operations involving cryptocurrencies. There are indications that the pressure was not limited to Bitcoin trading, but also included vetoes on the use of public and private blockchain networks, in addition to discouraging the opening of accounts for companies operating in the crypto segment.

We finally got the unredacted OCP 2.0 letters from @FDICgov . It took a Court order but you can now read them for yourself below. They show a coordinated effort to stop a wide variety of crypto activity — everything from basic BTC transactions to more complex offerings. 1/3

— paulgrewal.eth (@iampaulgrewal) January 3, 2025

John Deaton, a former special assistant to the government, has suggested a federal investigation into whether there is a concerted effort to stifle the industry. He argues that transparency is vital because any silent action against a legitimate market could set a dangerous precedent for other industries.

Analysts believe that these revelations may reflect a scenario in which regulatory bodies act without due public discussion, creating an environment of uncertainty for entrepreneurs and investors. Meanwhile, spokespeople from different financial institutions are cautious when talking about the subject, fearing greater legal implications or new restrictive measures.

The topic is gaining relevance amid discussions about the importance of technological innovation for the future of the economy. Critics argue that limiting crypto services could inhibit advances that revolve around blockchain, impacting the country's competitiveness in the development of digital financial solutions.