Gemini co-founder Tyler Winklevoss believes that Operation Chokepoint 2.0 “is alive and well” following the US Federal Reserve’s latest regulatory action against the crypto-friendly Customers Bank.
The Fed’s regulatory move follows concerns that the bank violated the Bank Secrecy Act, Anti-Money Laundering laws, and Office of Foreign Assets Control (OFAC) regulations due to its involvement with digital assets.
Due to this, the financial regulator mandated Customers Bank to enhance its oversight, risk management, and compliance measures within 60 days. This includes improving its board oversight, BSA/AML compliance, and OFAC adherence.
Additionally, the bank must notify the Fed of any new initiatives or products 30 days before implementation.
Operation Chokepoint 2.0
Over the past year, crypto stakeholders have decried Operation Chokepoint 2.0 as a policy of President Biden’s administration designed to emasculate the industry. While the Federal Reserve maintains its independ
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