FDIC resists transparency on Operation Chokepoint 2.0 — Coinbase CLO

At least 30 tech and crypto founders were reportedly “secretly debanked” in the US during Operation Chokepoint 2.0.

Some US government agencies continue to deny transparency regarding their role in Operation Chokepoint 2.0, a period during the Biden administration when crypto and tech founders were allegedly denied banking services, according to Coinbase chief legal officer Paul Grewal.

The collapse of crypto-friendly banks in early 2023 sparked the first allegations of Operation Chokepoint 2.0. Critics, including venture capitalist Nic Carter, described it as a government effort to pressure banks into cutting ties with cryptocurrency firms.

Despite recent regulatory shifts, agencies like the Federal Deposit Insurance Corporation (FDIC) continue to “resist basic transparency” efforts, Grewal wrote in a March 8 post on X.

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