“Crypto Chaos: Trump’s ‘Operation Chokepoint 2.0’ Gets the Boot!”
Oh, joy! The US Office of the Comptroller of the Currency (OCC) has finally come to its senses and said, “You know what, crypto? We’re not going to chokepoint you anymore!” 🤣
Just hours after Donald Trump vowed to shut down Operation Chokepoint 2.0, the OCC issued a statement saying that crypto-asset custody, certain stablecoin activities, and participation in independent node verification networks are now allowed for national banks and federal savings associations. Woohoo! 🎉
OCC’s new guidance will “reduce the burden” on banks
Apparently, the OCC was getting a little tired of all the “supervisory nonobjection” nonsense. So, they decided to ease up on the crypto regulations and let the banks get back to what they do best: not chokingpointing crypto! 😂
Acting Comptroller of the Currency Rodney E. Hood said, “Today’s action will reduce the burden on banks to engage in crypto-related activities and ensure that these bank activities are treated consistently by the OCC.” Yeah, because that’s exactly what we need – more consistency in the crypto world! 🤪
It’s all thanks to Trump’s promise to “end Operation Chokepoint 2.0,” which, let’s be real, was just a fancy way of saying “I’m going to strong-arm some banks into not chokingpointing crypto.” 💁♂️
Trump said, “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.” Yeah, because that’s exactly what we need – more politicians talking about votes instead of actual banking regulations! 🙄
Operation Chokepoint 2.0 “strong-armed banks”
Operation Chokepoint 2.0 was like the crypto equivalent of a bad boyfriend – it was all like, “I’m going to chokepoint you, and you’re going to do what I say!” 😡
But Trump is all, “Nah, nah, nah, I’m ending it! You can go back to being your awesome, crypto-loving selves!” 🎊
Many crypto firms turned to stablecoins to finance their operations after losing their business accounts at traditional banking institutions during the debanking operation. Because, you know, who needs actual banking when you can just use stablecoins? 🤷♂️
On Jan 16, Wyoming Senator Cynthia Lummis sent a letter to the Federal Deposit Insurance Corporation, claiming that whistleblowers informed her that the agency allegedly destroyed documents related to Operation Chokepoint 2.0. Because, of course they did! 🤥
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2025-03-08 03:38