Operation Choke Point 2.0: Government Declares War on Crypto. - Redditors Sound Alarm

So, "Operation Choke Point 2.0," huh? The House Financial Services Committee is all fired up about this, releasing a 50-page report about how the Biden admin was supposedly debanking crypto companies. Like we didn't see this coming from a mile away.

"Informal Guidance" or a Backdoor Crypto Ban?

The "Debanking" Conspiracy: Fact or Fiction? Okay, let's be real. The report claims the Fed, FDIC, and OCC were leaning on banks to ditch crypto through "informal guidance." "Non-objection" letters, "pause" letters... Give me a break. It's like they're running a damn kindergarten, not regulating the financial system. And the SEC? Apparently, they were all about "enforce first, make rules never." Sounds about right for those clowns. They even point to SAB 121, that SEC guidance that basically told banks they couldn't hold crypto assets. So, the government's publicly denying any anti-crypto bias while privately twisting arms. Color me shocked. Republicans are screaming this is just Operation Choke Point all over again, targeting industries they don't like. And yeah, maybe they got a point. Businesses getting forced out of the U.S. banking system without any formal charges? That's some shady stuff. But here's the thing... are we really surprised? Crypto's been a wild west since day one. Scams, rug pulls, money laundering... It's like a playground for every dirtbag with a laptop and a dream of getting rich quick. And now that Trump's back in office, he's apparently gonna fix it all. He wants to turn the U.S. into the "crypto capital of the world." I'll believe that when I see pigs fly. The guy can't even run a casino without bankrupting it. What makes anyone think he can handle crypto?

Crypto "Rescue"? More Like a Clown Show

Trump to the Rescue? Don't Bet on It Trump nominated Paul Atkins to head the SEC, some dude who's supposedly "pro-crypto." Great. Another swamp creature who's gonna deregulate everything into oblivion. And David Sacks is the new AI and crypto czar. A venture capitalist? Perfect. Exactly who we need making decisions about the future of finance. Meanwhile, the House passed FIT 21, trying to figure out who regulates what in the crypto world. SEC vs. CFTC... It's like watching two toddlers fight over a toy. Who cares? And don't even get me started on the bitcoin strategic reserve. Seriously? Bitcoin is too volatile for a strategic reserve. It's like trying to build a national defense strategy on Beanie Babies. I saw that even bank executives are now "blowing the whistle" about how the Obama and Biden administrations pressured them to debank conservatives. Give me a break. Everyone's got an angle. One executive said banks were pressured to file more "suspicious activity reports" and debank more customers. They didn't need to be told who to target; they just knew. And banks were using "reputational risk" as an excuse to cut ties with anyone who got bad press. It's all a big, ugly game, and the only people who lose are the ones who aren't already rich and connected. Then again, maybe I'm being too cynical. Maybe there are some honest folks in Washington trying to make things better. Maybe... Nah, who am I kidding?

So, Who's *Really* Pulling the Strings Here?

The Mystery Deepens: Who's Really in Charge? Andressen went on Rogan and ranted about 30 founders getting debanked. Winklevoss chimed in, saying the number's probably way higher. And now Congress is all over it, demanding documents and holding hearings. According to a recent article, the House has confirmed Operation Choke Point 2.0 is targeting crypto companies. Crypto Targeted: House Confirms Operation Choke Point 2.0 Rep. French Hill thinks every legal business should have a right to a bank account. Sounds good on paper, but what about the businesses that are "legal" in name only? What about the ones that are just fronts for something else? Even Coinbase is suing the FDIC, trying to get some answers. Good luck with that. Fighting the government is like wrestling a greased pig... you're gonna get dirty, and you're probably gonna lose. A recent FDIC letter stated that a certain bank “should not proceed with any crypto-asset activity until such time that the FDIC has determined [REDACTED] ability to implement the activity in a safe and sound manner.” See that typo? That's how you know this is real. And Eco, some blockchain company, got the ax from their banks because regulators were breathing down their necks. The banker told them he'd never seen that level of scrutiny in his 25-year career. Senator Lummis is threatening "swift criminal referrals" for anyone destroying evidence. Trump's ranting about debanking "many conservatives." It's a circus, folks. A damn circus. It's All a Rigged Game, Ain't It?