House Committee Grills Officials on Operation Choke Point 2.0
In a high-stakes hearing today, the House Committee on Financial Services delved into the controversial Operation Choke Point 2.0, shedding light on the newly leaked incriminating documents from the FDIC.
Representative Alexander Green staunchly refuted debanking accusations at the outset, only to be confronted with compelling evidence later on. While anti-crypto sentiments persist within the US government, cracks are beginning to show in their stance.
Tensions were palpable right from the start of the hearing as Representative Al Green delivered a scathing opening statement that set the tone for the proceedings:
"Although dubbed 'Operation Choke Point 2.0: The Biden Administration's Effort to Put Crypto in the Crosshairs,' I propose a more fitting title, 'How President Trump's Self-Serving Deregulation Heightens Investor Risks.' Operation Choke Point 2.0 stands as a phantom initiative never sanctioned by the Biden Administration," Green stated.
Green proceeded to highlight instances of faltering crypto-related banks as supposed proof that Operation Choke Point 2.0 was non-existent.
Despite Green's attempts to discredit the program, subsequent revelations painted a different picture. Journalist Eleanor Terrett pointed out that the collapse of Silvergate Bank in 2023 was not isolated, attributing it to external pressures from figures like Senator Elizabeth Warren and regulatory restrictions on crypto-related bank deposits.
The hearing progressed with the testimony of Austin Campbell, Acting CEO of WSPN, who provided tangible evidence of Operation Choke Point 2.0, citing the FDIC's recent release of 175 damning documents.
Adding to the mounting evidence, Paul Grewal, Chief Legal Officer at Coinbase, shared his personal encounters with the operation, underscoring Coinbase's efforts to expose the incriminating FDIC documents that shed light on industry-wide attacks.
The narrative shifted towards a comprehensive analysis of the issue rather than isolated attacks on individual entities, resonating with the committee and audience alike. The hearing featured witnesses who contested the existence of Operation Choke Point 2.0, unveiling the complexities of the situation.
While the immediate impact of this hearing may be limited, it signifies a pivotal moment in the quest for justice within the crypto sphere. The momentum is building, hinting at a potential shift in the US's stance towards crypto advocacy.