U.S. bank regulators are trying to "drive crypto out of the financial system," according to a recently released white paper by four members of Cooper & Kirk. The paper, titled "Operation Chokepoint 2.0," states that U.S. bank regulators are ostensibly waging a "secret financial war" on the crypto industry by labeling legitimate businesses as "reputational risks. After laying the groundwork, federal bank regulators, with the help of state officials, have "turned to the task of purging accounts from every bank they regulate.
The paper notes that the second phase of U.S. regulatory action sought to stifle the crypto industry by limiting access to funds. The law firm explains that one of the first actions was when the Biden administration's Office of the Comptroller of the Currency (OCC) repealed a rule designed to "ensure equitable access to banking services (including debt collection) across multiple industries.
Cooper & Kirk's white paper asserts that "Operation Chokepoint 2.0" is illegal and unconstitutional, denying businesses their constitutional right to due process and depriving Americans of key structural constitutional protections against arbitrary exercise of government power.
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The paper notes that the second phase of U.S. regulatory action sought to stifle the crypto industry by limiting access to funds. The law firm explains that one of the first actions was when the Biden administration's Office of the Comptroller of the Currency (OCC) repealed a rule designed to "ensure equitable access to banking services (including debt collection) across multiple industries.
Cooper & Kirk's white paper asserts that "Operation Chokepoint 2.0" is illegal and unconstitutional, denying businesses their constitutional right to due process and depriving Americans of key structural constitutional protections against arbitrary exercise of government power.
Translated with www.DeepL.com/Translator (free version)