Six weeks after the Choke Point 2.0 article, a U.S. regional banking crisis led to the abrupt collapse of several banks, including crypto-friendly Signature under unclear circumstances. In a follow-up piece titled “Did the Government Start a Global Financial Crisis in an Attempt to Destroy Crypto?,” Nic argued the Biden administration exploited the crisis to eliminate crypto, arguing that the closure of Silvergate and Signature Bank were politically motivated takedowns.
In April 2023, House Republicans demanded answers from top regulators, while law firm Cooper & Kirk — which successfully challenged the Obama-era Chokepoint — argued the crackdown was unconstitutional. Senator Bill Hagerty condemned it as a Biden-led effort to strangle crypto by de-banking the industry.