U.S. House Lawmakers Challenge 'Operation Choke Point 2.0' Targeting Crypto Industry

Members of the U.S. House of Representatives have formally articulated their concerns regarding a perceived revival of the controversial "Operation Choke Point" initiative, now dubbed "Choke Point 2.0." In a detailed letter, lawmakers from key committees accused federal banking regulators of employing back-channel pressure to discourage financial institutions from providing services to legitimate digital asset and cryptocurrency businesses. This alleged strategy, they argue, constitutes regulatory overreach that stifles innovation and unfairly targets the crypto sector, including markets for Bitcoin (BTC) and Ethereum (ETH). The letter demands transparency and clarity from agencies like the FDIC and the Federal Reserve, warning that such tactics could drive the industry offshore and harm U.S. competitiveness in blockchain technology.