Operation Chokepoint: Bitcoin Advocates Discuss US Government’s Alleged Mission to Eliminate Crypto Access

Since the collapse of three American banks friendly to cryptocurrency businesses and the U.S. government’s insistence that crypto assets are “risky investments,” many speculators believe bureaucrats are purposely closing access to cryptocurrencies. Some refer to the U.S. government’s recent enforcement as “Operation Chokepoint,” a mission aimed at eliminating access to the crypto ecosystem in the United States.

Bank Shutdowns Raise Concerns About U.S. Government’s Stance on Crypto

In recent weeks, crypto advocates have discussed U.S. government enforcement actions toward digital currency projects and businesses such as crypto exchanges. The collapse of Silvergate Bank, Silicon Valley Bank, and Signature Bank has led many to believe the U.S. government is closing access to crypto services. For example, with Signature Bank’s shutdown, spectators were confused about why it happened. Adding to the speculation, Signature board member and former politician Barney Frank said regulators shut down Signature to send an “anti-crypto” message.

Regulators from New York and the Federal Deposit Insurance Corporation (FDIC) insisted the shutdown had nothing to do with crypto. However, when Signature’s assets and bank branches were acquired, new owner Flagstar Bank opted not to acquire Signature’s digital currency business. U.S. senator Elizabeth Warren of Massachusetts blamed crypto risk for Silvergate’s liquidation and many other U.S. politicians joined her chorus. The White House also published its economic report and downplayed crypto assets, noting they do not fulfill the properties of sound money and have failed their purported goals.