Chokepoint 2.0: An Investigation Promises the Truth About Crypto's Biggest Conspiracy

In crypto circles, tales of difficulties in securing loans, banking and other financial services in the US are common.

Large US banks have been reluctant to do business with crypto firms for many years ; in 2017 , JP Morgan CEO Jamie Dimon described bitcoin as “fraud” But during the Joe Biden administration, members of the industry—with crypto venture capitalist Nic Carter leading the chorus—began to cry conspiracy.

700 pages of documents released by the FDIC chronicle FDIC ’s communications with banks about crypto during the Biden presidency.

The documents chronicle letters in which FDIC directed banks to pause plans to provide various crypto-related services to clients.

No smoking gun—whether documentary evidence or insider testimony—has yet emerged to prove the Operation Chokepoint 2.0 theory.

After FTX collapsed, banks had particular reason for limiting the number of crypto clients they worked with, says Tunstall .

This was to protect themselves from the reputational risk associated with providing services to a company later revealed to be fraudulent, he says.

Nevertheless, crypto figures are using this opportunity to call for various reforms.