Biden is enacting a new 'Operation Choke Point' against crypto WashTimesOpEd
In the spring of 2013, the Obama Justice Department launched an initiative known as “Operation Choke Point,” which pressured banks to close accounts with oil companies, payment processors, and gun manufacturers – businesses the Obama Administration saw as undesirable. Republicans and Democrats alike look back on this operation as a shameful example of what happens when regulators restrict banking due to the political whims of the White House.
The statements show the Administration doesn’t understand this technology. They focused solely on the risk of crypto assets, without acknowledging even a single one of the abundant rewards brought by an industry that employs tens of thousands of Americans and is tackling major problems, such as providing financial access to the unbanked and underbanked.
Perhaps more problematically, the regulators are gutting the assets of everyday Americans – roughly 20% of us – who have bought crypto, because crypto’s access to banking is being impeded by unaccountable regulators. The irony of regulators damaging everyday Americans in the name of protecting them is almost a parody of Washington, but it’s true.
This, ultimately, is not a partisan issue. It’s an American one. One party’s view of an industry should not dictate that industry’s fair access to financial services. That’s bad banking policy that threatens the core of our economic system and values.
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