Ripple Chief Legal Officer Stuart Alderoty has highlighted his belief that U.S. regulators orchestrated a plan to stifle the cryptocurrency industry. The cryptocurrency industry has faced significant challenges in recent years with what the industry calls “Operation Chokepoint 2.0,” a coordinated effort by U.S. regulators to restrict banking services for cryptocurrency-related businesses.
Alderoty recently shared his thoughts on Operation Chokepoint 2.0 on social media platform X, referring to a 2012 initiative where agencies such as the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve, and the Office of the Comptroller of the Currency (OCC) reportedly pressured banks to stop providing services to specific industries. Alderoty believes that cryptocurrencies are now the main focus of similar strategies, noting: In 2012, regulators (FDIC, OCC, Federal Reserve) used banking weapons against unwelcome industries (gun shops, payday lenders, etc.) under the original ‘Operation Chokepoint. Fast forward to 2021: cryptocurrencies are the new target. ” (Bitcoin.com)