In February 2023, Nic Carter coined “Choke Point 2.0” in a Pirate Wires article called “Operation Choke Point 2.0 is Underway, and Crypto is in its Crosshairs.” In the piece, he showed how agencies like the Fed, FDIC, OCC, and DOJ issued guidance discouraging banks from working with crypto, isolating the sector from traditional finance. He likened the effort to the Obama-era “Operation Choke Point,” which targeted politically disfavored industries such as guns, and framed it as a covert Biden administration campaign to cripple crypto through private banking restrictions.
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