Latest news with #OperationChokePoint2.0
Int'l Business Times
30-05-2025
- Business
- Int'l Business Times
JD Vance Declares War on Anti-Crypto Bureaucracy at Bitcoin 2025
There's a new sheriff in town—or at least that's how Vice President JD Vance framed it from the main stage at Bitcoin 2025 in Las Vegas. In a packed ballroom at The Venetian, the Republican VP laid out the clearest message yet from the Trump administration: the days of what he called "regulatory harassment" are over. "Operation Choke Point 2.0 is dead," Vance announced to roaring applause. "Let my words serve as its obituary." The speech was more than red meat for a Bitcoin-heavy crowd. It marked the first time a sitting U.S. vice president has addressed a crypto-specific conference. Vance wasn't there to hedge; he delivered a full-throated endorsement of digital assets, called blockchain a national priority, and torched the Biden-era policy legacy—especially the SEC. "We reject regulators, and we fired Gary Gensler," he said, hammering the very agency that's spent the last four years tangling with Coinbase, Ripple, Uniswap, and just about every major protocol with a legal team. Vance made the case that crypto is not only here to stay—it's a cornerstone of the administration's economic strategy. "Every day I see new blockchain technology and use—supply chain records, transparency, infrastructure," he said. "The people in this room are the pioneers of the digital economy." He touched on Canada's crackdown during the trucker protests as a warning shot for what centralized finance can enable. "In Canada, they closed bank accounts and once they did that, the movement was over," he said. "Crypto is good for bad policy, no matter the party." But perhaps the most significant takeaway was legislative: the Trump camp is pushing the GENESIS Act—new legislation aimed at defining digital asset protections and freeing up crypto innovation across the U.S. "We're trying to get the GENESIS Act passed and pushed as fast as possible," Vance said. In a year where crypto is once again a wedge issue—between parties, between generations, between ideologies—Vance's appearance felt like a shot across the bow. Whether it resonates beyond the Vegas convention floor remains to be seen, but one thing is now certain: with Trump back in the White House and Vance at his side, crypto isn't just tolerated. It's got an ally. And the SEC? It might want to update its résumé.
Yahoo
29-05-2025
- Business
- Yahoo
Caitlin Long slams JD Vance over 'Dead' Choke Point 2.0 claim
Caitlin Long slams JD Vance over 'Dead' Choke Point 2.0 claim originally appeared on TheStreet. Vice President JD Vance may have fired up the crowd at Bitcoin 2025 in Las Vegas, but Caitlin Long isn't buying it. Hours after Vance declared that 'Operation Choke Point 2.0 is dead, and it's not coming back under the Trump administration,' Long — the CEO of Custodia Bank and longtime crypto policy advocate — took to X to say that's simply not true.'I'm sorry to report what you said isn't true JD Vance: 'Operation Choke Point 2.0 is dead & it's not coming back under the Trump Administration.' Until the Fed rescinds its Jan 27, 2023 regulation (still in place) & its non-public debanking tools are gone, it's not over,' she wrote. Long didn't stop there. In another post, she referenced Vance's vow to 'fire everybody like [Gary Gensler],' by pointing out that several financial regulators with anti-crypto leanings still remain in power. 'The list of Warrenites still in power at federal financial regulators is long,' she said, adding that she'd been asked to resubmit it to a top Hill legislator just the day before. 'When is action going to be taken JD Vance??' The remarks from Vance were part of a broad, pro-Bitcoin speech that praised crypto as 'genuine ground-up innovation' and promised the industry now had 'a champion and an ally in the White House.' He credited Trump's victory in part to support from the crypto community and called the GENIUS Act a transformative bill that would 'vastly expand the use of stablecoins' while 'strengthening the American dollar.' But to Long and other industry insiders, the rhetoric doesn't match the reality. 'Operation Choke Point 2.0 is not over yet,' she said. 'I don't know if JD Vance isn't aware or was overstating, but let's hope he gets this message & gets to work on ending it.' Vance's team hasn't responded publicly to Long's posts. Operation Choke Point 2.0 is a term used by the crypto industry to describe what they see as a covert effort by U.S. regulators to cut off digital asset companies from the banking system. While not an official program, it draws its name from the original Operation Choke Point, a 2013 Department of Justice initiative that pressured banks to stop servicing "high-risk" but legal industries like gun dealers and payday lenders. That program was shut down in 2017 after public backlash, but crypto leaders say a new version has quietly taken its place. The '2.0' version is believed to have started around late 2022, when multiple U.S. banking regulators began warning financial institutions about the risks of working with crypto firms. Around the same time, major crypto-friendly banks like Silvergate, Signature, and Silicon Valley Bank either collapsed or were shut down under circumstances that critics say were suspicious. Caitlin Long slams JD Vance over 'Dead' Choke Point 2.0 claim first appeared on TheStreet on May 28, 2025 This story was originally reported by TheStreet on May 28, 2025, where it first appeared. Sign in to access your portfolio
Yahoo
28-05-2025
- Business
- Yahoo
Live: Vice President JD Vance delivers powerful remarks at Bitcoin Conference
Vice President JD Vance delivers powerful remarks this afternoon at the annual Bitcoin Conference in Las Vegas, a major event for the crypto industry. The speech is expected to touch on how Bitcoin and other digital assets are shaping the U.S. economy, investment landscape, and national security policy. This comes as the Trump administration ramps up its crypto agenda. In March, President Donald Trump signed an executive order to start building a strategic Bitcoin reserve. Earlier this week, he also hosted leading crypto investors at a closed-door event at Mar-a-Lago. Vance's appearance marks a continuation of the White House's active engagement with digital currencies. Trump spoke at the conference last year, signaling a long-term pivot toward blockchain as a strategic economic priority. A rousing applause welcomed JD Vance to the stage who opened his speech joking: 'You know the Secret Service is a little bit nervous because I told him these Bitcoin guys really like guns.' Vance thanked David Bailey, the man behind the iconic annual conference: 'So I first have to thank David Bailey, grateful for everything that you've done for the Bitcoin community." Bailey is the one who advised Trump on crypto policy during the 2024 presidential campaign. Vance also thanked the Bitcoin community for supporting Trump and himself reach from candidacy to the White House. The vice president celebrated Bitcoin's recent record-breaking rally and thanked the organizers and attendees for an "incredible event." 'I want to thank the good people at Coinbase, the organizers of this event, and everybody who made this incredible event possible.' 'I want to speak about why I'm personally optimistic about crypto and what it means for the American people. People ask me why I tend to be bullish on the future of innovation in this country. I spent enough time in Silicon Valley to recognize the difference between good tech, technology that boosts our productivity, makes our lives richer, the grounds us in the real world, and complements our day to day lives. That's the good technology. But there's also some bad technology out there. And when it comes to crypto, I think the last several years have made it clear that we're talking about genuine ground up innovation, one that's already improving the well being of 10s of millions of our fellow citizens. I believe it's 50 million Americans own Bitcoin, and I believe that's going to be 100 million before too long.' The vice president provided a defining message announcing a change in administrative policy regarding digital assets during Trump's second presidential term and stated: "Crypto finally has a champion and an ally in the White House." 'Will we lead our nation into a future of financial sovereignty, of innovation and prosperity, or will we let unelected bureaucrats and four competitors write the rules for us?' 'Put it simply, Operation Choke Point 2.0 is dead, and it's not coming back under the Trump administration.' As Vance spoke about firing former SEC chair Gary Gensler, the audience went ecstatic. "We're going to fire everybody like him.' The vice president added that such regulators inhibit innovation in the name of protecting consumer interest. Vance spoke about the GENIUS Act: 'Once the GENIUS Act is enacted, it's poised to vastly expand the use of stablecoins as a digital payments system for millions of our fellow Americans.' The vice president added: 'The bill would protect coin holders and inject further transparency into the market.' 'Let me be emphatic — this administration does not think that stablecoins threaten the integrity of the United States dollar.' 'Quite the opposite. We view them as a force multiplier of our economic might.' 'Dollar-pegged stablecoins, particularly once the GENIUS Act is enacted, are only going to help the American economy and strengthen the American dollar.' 'The GENIUS Act, which the House of Representatives has passed, provides clear guidelines for stablecoin issuance, including reserve requirements and federal oversight.' 'We have a once-in-a-generation opportunity right now in this Congress and with this administration to unleash innovation and use it to improve the lives of countless American citizens.' He stressed that failure to create regulatory clarity risks pushing the $3 trillion crypto industry offshore. 'President Trump is going to fight to make sure that it doesn't happen.' 'First of all, I remember when I ran for Senate, the first time I'd ever enter politics, back in 2022 and one of the frustrations, honestly, that I had with the crypto community as a person who was one of the only people running for office who actually owned Bitcoin, and I still own a fair amount of Bitcoin today.' Reflecting on the previous administration, Vance said: 'What the Biden administration was doing, what Gary Gensler was doing, was a disaster.' 'Part of the reason I'm standing here… part of the reason Bernie Moreno defeated Sherrod Brown in the Senate campaign last year is because you got involved in American politics.' 'And I'm grateful to you for that." 'Every victory that we win is only a provisional victory.' Vance called on crypto advocates to remain politically involved. 'Crypto is about exit, AI is about voice.' 'Very smart right-wing people in tech tend to be attracted to Bitcoin and crypto, and very smart left-wing people in tech tend to be more attracted to AI.' 'A fundamental aspect of truth in it.' 'What happens in AI is very much going to affect, in good and bad ways, what happens to Bitcoin.' 'And of course, what happens to Bitcoin is very much going to affect what happens in AI.' 'We've accomplished a lot, but we have plans to continue to make big progress for this industry and for the American people.' Live: Vice President JD Vance delivers powerful remarks at Bitcoin Conference first appeared on TheStreet on May 28, 2025 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
08-05-2025
- Business
- Yahoo
Exclusive: Caitlin Long warns of ‘big fight' brewing between Trump's treasury and the Fed
Custodia Bank CEO Caitlin Long says a major showdown may be looming between the U.S. Treasury Department and the Federal Reserve — and crypto banking is right at the center of it. 'Right now, most mainstream banks won't do anything involving your crypto side of your portfolio,' said Roundtable host Rob. Long was quick to explain why: 'That's Operation Choke Point 2.0,' she said, blaming adverse SEC accounting guidance (SAB 121) for freezing out crypto. 'That was designed to throw sand in the wheels of the crypto industry by keeping the banks out.' While she said the policy has already been addressed at agencies like the SEC, FDIC, and OCC, she called the Federal Reserve the 'one big laggard' — and warned of a brewing fight. 'I think there's a big fight that is setting up between Trump and Secretary of the Treasury Bessant versus the Federal Reserve over exactly this issue.' Long referenced a comment by Treasury Secretary Scott Bessant on the All-In podcast. 'He said, 'We're going to leave the Fed alone regarding monetary policy, but the Fed has not done a good job... There are too many regulators,'' she recalled, noting Bessant's intention to 'consolidate bank regulation and put it into politically accountable organizations.' That includes ideas like Trump's proposed Strategic Bitcoin Reserve, which would be housed at the Treasury — not the Fed. 'The Fed isn't chartered to have a strategic reserve of a cryptocurrency,' Long said, recalling Powell's reaction: 'Please don't give it to us.' According to Long, this tension is nothing new. She described how the Fed and Treasury 'have historically had frictions, even when they've been friendly with common staffers.' But under Trump, the divide could deepen. 'Some of the people being confirmed are very critical of the Fed,' she added. Long even hinted at a potential executive order from Trump that could require the Fed to grant long-denied access to banks like Custodia. 'I don't know if that's true,' she said, 'but it all does jive with the breadcrumbs... a battle, if not a war, is coming.'
Yahoo
25-04-2025
- Business
- Yahoo
Fed joins FDIC, OCC in withdrawing crypto-skeptical guidance
This story was originally published on Banking Dive. To receive daily news and insights, subscribe to our free daily Banking Dive newsletter. The Federal Reserve withdrew three pieces of Biden-era guidance Thursday related to banks' engagement in cryptocurrency. The Fed withdrew two supervisory letters dictating that banks should seek prior approval from regulators before dabbling in cryptocurrency or stablecoin ventures. It also joined the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency in withdrawing a 2023 joint statement warning banks of 'key risks' associated with the novel asset class. The Fed said it will no longer expect banks to provide notification of crypto or stablecoin activities and will instead monitor such activities through the normal supervisory process. The changes 'ensure the Board's expectations remain aligned with evolving risks and further support innovation in the banking system,' the Fed said in a statement alongside the withdrawals. Biden-era financial regulators were seen by the crypto world as unamenable to digital assets, and it was alleged that regulators conducted a concerted effort, known as Operation Choke Point 2.0, to keep crypto out of the traditional financial sector. Gary Gensler, then head of the Securities and Exchange Commission, said in 2023 that the industry was full of 'hucksters, fraudsters, scam artists, [and] Ponzi schemes.' Regulators under Trump 2.0, however, have positioned themselves as pro-crypto by walking back old guidance, abandoning legal cases against crypto firms and, in the case of the SEC, creating a task force with the express purpose of regulatory framework development. Sen. Cynthia Lummis, R-WY, however, took to social media site X Friday to call the Fed's guidance withdrawals 'just noise, not real progress.' 'We are NOT fooled. The Fed assassinated companies within the industry and hurt American interests by stifling innovation and shuttering businesses. This fight is far from over,' she wrote. Lummis has long been a proponent of digital assets, and three years ago introduced a bill that aimed to give the industry a regulatory framework. She was recently named chair of the Senate's first-ever panel on digital assets. A Fed spokesperson did not respond to a request for comment. Recommended Reading OCC shifts gears on crypto Sign in to access your portfolio
