Ripple's Legal Chief Criticizes U.S. Regulatory Approach to Cryptocurrency

According to Odaily, Ripple's Chief Legal Officer, Stuart Alderoty, has expressed concerns over what he perceives as a deliberate effort by U.S. regulators to undermine the cryptocurrency industry. In recent years, the sector has faced significant challenges, often referred to as 'Operation Chokepoint 2.0.' This term describes coordinated actions by U.S. regulatory bodies aimed at restricting banking services for businesses related to cryptocurrency. Alderoty recently shared his views on this issue via the social media platform X, highlighting a similar initiative from 2012. During that time, 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 cease providing services to certain industries. Alderoty believes that cryptocurrency has now become the primary focus of similar strategies. He pointed out that in 2012, under the original 'Operation Chokepoint,' regulators used banking as a tool against industries they deemed undesirable, such as gun shops and payday lenders. Fast forward to 2021, and cryptocurrency has emerged as the new target.