Trump’s Crypto Czar David Sacks to Look Into Operation Choke Point 2.0
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Donald Trump’s newly appointed crypto czar David Sacks has finally taken notice of the multiple complaints about Operation Choke Point 2.0. The much-talked-about Operation to cripple the crypto industry by preventing access to liquidity is getting mainstream attention as crypto exchange Coinbase released the “pause letters” exposing the Federal Deposit Insurance Corporation’s (FDIC) involvement in Choke Point 2.0. David Sacks to ‘Look Into’ Operation Choke Point 2.0 As Operation Choke Point 2.0 enters mainstream discussion, Trump’s newly appointed crypto czar David Sacks has stepped into the matter. In a message on the X platform, Sacks wrote: “There are too many stories of people being hurt by Operation Choke Point 2.0. It needs to be looked at”. His comments came as a response to Silvergate Bank CTO Chris Lane, who explained how the regulators choked the bank into bankruptcy. Remembering the collapse of the crypto exchange FTX in November 2022, Lane wrote: “When FTX went down, Silvergate survived a 70% run on deposits. A typical bank cannot survive 20%. FTX didn’t kill us; our regulators did.” Following David Sacks’s involvement, crypto industry veterans have offered their help in investigating the matter. The crypto industry has very high hopes from Sacks and his team and expects him to change all the unjust practices during the Biden administration. Coinbase Releases FDIC “Pause Letters,” Files Motion Coinbase has made public 23 heavily redacted “pause letters” it received from the Federal Deposit Insurance Corporation (FDIC), shedding light on documents tied to what the crypto industry refers to as “Operation Chokepoint 2.0.” In a legal escalation, Coinbase filed a court motion today seeking unredacted versions of these letters. Earlier this week, during a hearing held by the House Financial Services Committee, Rep. French Hill asserted that the next Congress has the authority to “halt, reverse, and…
Filed under: News - @ December 7, 2024 6:20 am