OCC lays out crypto banking after Trump vows to end Operation Chokepoint 2.0

It comes just hours after Trump told a room full of crypto executives at the White House Crypto Summit that he is “ending Operation Chokepoint 2.0.”

“Some people really suffered, it was ridiculous what they were doing. In the end, they came around, but they came around for the wrong reasons, only because they wanted votes,” Trump said.

Operation Chokepoint 2.0 “strong-armed banks”

Operation Chokepoint 2.0 widely impacted the industry in multiple countries and was a significant pain point for industry advocacy groups during the 2024 US election.

“They strong-armed banks into closing crypto businesses and entrepreneurs effectively blocking money transfers to and from exchanges, and they weaponized the government against the entire industry,” Trump said.

“But I know that feeling also, maybe better than you do; all that will soon be over.”

Many crypto firms turned to stablecoins to finance their operations after losing their business accounts at traditional banking institutions during the debanking operation.

On Jan 16, Wyoming Senator Cynthia Lummis sent a letter to the FDIC, claiming that whistleblowers informed her that the agency allegedly destroyed documents related to Operation Chokepoint 2.0.

“If it is uncovered that you or your staff have knowingly destroyed materials or sought to obstruct the oversight functions of the Senate, I will make swift criminal referrals to the US Department of Justice,” she said at the time.