Trump Ends ’Operation Chokepoint’ That Targeted Crypto Industry Under Biden

Former President Donald Trump has dismantled 'Operation Chokepoint,' a regulatory initiative from the Biden administration aimed at marginalizing the cryptocurrency sector. The operation pressured banks to sever ties with crypto firms, creating systemic challenges for industry participants.

Venture capitalist Nic Carter first exposed the coordinated campaign in 2023, revealing its intent to isolate crypto businesses from traditional banking. High-profile founders including Tyler Winklevoss and Elon Musk confirmed widespread debanking, with Musk noting 30 tech entrepreneurs were secretly cut off from financial services.

Crypto-friendly banks Silvergate, Signature, and Silicon Valley Bank became casualties after resisting pressure to drop digital asset clients. Carter alleges Senator Elizabeth Warren instigated a bank run against Silvergate following FTX's collapse, though the institution remained solvent until its voluntary liquidation.