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Us launches Operation Choke Point? Plans to marginalize the Crypto industry

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Although the US authorities have not issued any specific provisions, the market has been the first to react.

原文标题：《美国 9·4 来袭？「窒息点行动」意在切断加密系统与银行间的联系》

原文作者：Loopy Lu，Odaily 星球日报

February 9th, Coinbase CEO Brian Armstrong Eg. According to the rumor, SEC Intends to eliminate cryptocurrency pledge services for retail investors in the United States.

"We've heard rumors that the U.S. wants to eliminate cryptocurrency pledge services for retail investors in the country," he said. "I hope that's not the case, because I think it would be a terrible path for the U.S. if that were allowed to happen."

It allows users to directly participate in running open crypto networks. Pledging has brought many positive improvements to the field, including scalability, greater security and a reduced carbon footprint. Pledging is not a security. When it comes to financial services and Web3, it's a national security issue to build those services in the United States."

Armstrong It also points out that regulation by enforcement will not work. It would encourage companies to operate overseas. That's it. Hopefully, everyone will work together to set clear rules for the industry and come up with sensible solutions that protect consumers while preserving America's innovation and national security interests.

This news, LSD (liquidity collateral derivatives) track rose in response, track leading LIDO short time up about 20%. (2.5 USDT To 3 USDT), SSVS rose nearly 18%. (28 USDT to 33 USDT), followed by the overall downward correction of the crypto market to 2.7 USDT, 32 USDT; And cbETH It falls rapidly to a negative premium (see chart below).

美国 9·4 来袭？「窒息点行动」意在切断加密系统与银行间的联系

Encryption research Institute X3 The founder of Andrew Also verified the side. Brian Armstrong "Coinbase was told to reduce crypto pledges or face fines and other more aggressive actions," he said.

More seriously, "Gemini Kraken are also being investigated by the SEC and facing similar ultimatums. Two top OCC executives resigned over these matters, in clear violation of the Administrative Procedures Act." (Odaily Planet; OCC Office of the Comptroller of the Currency, Office of the Comptroller of the Currency,)

Columnist Nic Carter inLatest article"About a regulatory campaign called" Operation Choke Point." The move is aimed at the crypto world in the United States and aims to marginalize the industry and cut it off from the banking system.

Nic Carter Believes the U.S. government is using the banking industry to organize a complex and broad crackdown on the cryptocurrency industry. The plan covers almost all financial regulators and is highly coordinated. Specifically, the Biden administration is currently executing plans involving multiple agencies aimed at preventing banks from transacting with cryptocurrency companies. That includes the government itself, influential members of Congress, the Federal Reserve, the Federal Deposit Insurance Corporation, the OCC and the US Department of Justice.

Odaily Planet notes here that these proposals are unilateral "story tellers" from crypto industry insiders, and have not been officially verified. Although the market discussion is heated, but can not be used as a short-term investment basis, investors should beware of volatility risk.

Regarding the current U.S. regulatory environment, the Odaily Planet also compiled a list of important recent events related to banking and encryption regulation.

12 Month 6 On Tuesday, Senators Elizabeth Warren, John F. Kennedy and Roger Marshall sent a letter to Silvergate, a crypto-friendly bank, accusing them of being FTX and Alameda Research Services and slammed them for failing to report suspicious activity.

12 Month 7 On Tuesday, Signature, one of the most active banks serving cryptocurrency customers, announced its intention to halve cryptocurrency customer deposits -- in other words, they will return the money to customers and then close their accounts -- from their peak cryptocurrency deposits. 230 $100 million reduced to... 100 $100 million and exiting its stablecoin business.

1 Month 3 The Federal Reserve, Federal Deposit Insurance Corporation (FDIC) and OCC issued a joint statement on the risks faced by banks involved in cryptocurrency transactions on Tuesday, which did not explicitly prohibit banks from holding cryptocurrencies or their ability to deal with cryptocurrency customers, but strongly discouraged them from doing so on a "safe and sound" basis.

1 Month 9 Metropolitan Commercial Bank (one of the few banks serving crypto asset clients) announced the complete shutdown of its crypto asset related vertical business on Sunday.

1 Month 21 Binance announced today that due to Signature The bank limits that they will only deal with the value over. 10 Ten thousand dollars in fiat money.

1 Month 27 Custodia, a cryptocurrency bank, was denied a two-year bid to join the Federal Reserve on Tuesday, citing "safety and soundness" risks.

1 Month 27 The Kansas City Federal Reserve Bank branch rejected Custodia's request for a master account yesterday because it would have allowed it to use wholesale payments services and hold reserves directly at the Fed.

1 Month 27 The Fed also issued a policy statement Tuesday that prevents banks from holding crypto assets or issuing stablecoins, and expands its authority to include nationally chartered banks that are not FDIC insured.

1 Month 27 On Tuesday, the National Economic Council issued a policy statement that did not explicitly prohibit banks from providing services to cryptocurrency customers, but strongly recommended that banks not trade directly with cryptocurrency assets or maintain exposure to cryptocurrency depositors.

2 Month 2 On Tuesday, the Justice Department's fraud division announced an investigation into Silvergate's dealings with FTX and Alameda.

2 Month 6 Binance suspended US dollar bank transfers for retail customers (Binance US Was not affected).

2 Month 7 Day, 1 Month 27 Tuesday's Fed statement entered the Federal Register, turning the policy statement into a final rule without congressional review and without a public notice and comment period.

Up to 2 Month 8 Today, Protego and Paxos' applications to join Anchorage and gain full approval to become a National Trust Bank have still not been approved (over 18 Month deadline), appears to be on track to be rejected by the OCC soon.