U.S. House Republicans officially confirm that "Operation Choke Point 2.0" targets Bitcoin and crypto businesses

[US House Republicans Officially Confirm “Operation Choke Point 2.0” Targeting Bitcoin and Crypto Companies]
US House Republicans have officially confirmed that “Operation Choke Point 2.0” targets Bitcoin and cryptocurrency companies. Although several investigation results were already known—such as the Federal Reserve (Fed), Federal Deposit Insurance Corporation (FDIC), and Office of the Comptroller of the Currency (OCC) applying informal guidance to pressure banks to stay away from the crypto sector, and the US Securities and Exchange Commission (SEC) adopting a “regulation by enforcement” approach—this report has now formally entered these findings into the Congressional record.

The report states that at least 30 institutions have been effectively “debanked” through informal regulatory guidance and regulatory pressure. The committee claims these companies were forced out of the US banking system without any formal enforcement action.

According to the report, the government has imposed restrictions on the crypto industry through coercive means, biased enforcement actions, and behind-the-scenes pressure—all while refusing to provide clear regulatory rules.

Documents show that the Fed, FDIC, and OCC have used a series of strategies to influence bank behavior, including sending “non-objection letters,” “pause letters,” and other forms of informal guidance, all intended to make banks wary of engaging with crypto companies.

Meanwhile, the SEC has been accused of adopting a “regulation by enforcement” policy, failing to issue a clear regulatory framework, and instead restricting digital asset activities through selective enforcement.