A recent statement by U.S. Representative French Hill has sparked debate over the controversial Operation Chokepoint 2.0, an initiative that critics say seeks to destabilize cryptocurrency companies' access to traditional banking services.
Representative French Hill has made it his mission to be a voice for transparency and to end the controversial so-called Operation Chokepoint 2.0. Recently, the representative publicly committed to investigate and unmask the truth behind this initiative, which many consider a threat to business freedom.
Hill, who is vice chairman of the House Financial Services Committee, has expressed concern about the implications of the move, arguing that it could violate constitutional rights and unfairly affect businesses operating within the law.
At a time when fair regulation is critical to driving innovation, Hill's remarks promise to unravel the mysteries of Chokepoint 2.0 and shed light on how the operation is implemented, in order to assess whether the methods employed are fair and effective in combating financial fraud without harming innocent companies in the process.
What is Operation Chokepoint 2.0?
Operation Chokepoint 2.0 is seen as a continuation of a policy initiated during the Obama administration, where banking regulators applied additional scrutiny to certain economic sectors. According to Hill, this practice resurfaced under the Joe Biden administration, focusing on cryptocurrencies and digital assets.
This operation has had a significant impact on the crypto industry in the United States, generating concern among sector participants due to the restrictions imposed by financial regulators.
Due to this situation, Hill pledged to conduct an investigation, arguing that financial institutions should not close their doors to the technological innovations of cryptocurrencies. He also pointed out the practice of closing accounts of cryptocurrency users and companies without valid reasons as wrong, suggesting that these actions are a form of abuse of government power.
“There should be no place for politicized de-banking of legitimate businesses in the American financial system”, Hill said.
Satoshi Action joins the fight against Chokepoint 2.0
In addition to Rep. Hill, the nonprofit Satoshi Action, co-founded by Dennis Porter, is also joining forces to counter the operation.
The organization has launched a $500.000 fundraising campaign that will go toward, among other things, ending Operation Chokepoint 2.0. Satoshi Action, which is dedicated to promoting policies that favor the growth and development of the cryptocurrency ecosystem in the United States, stressed that the definitive closure of this operation will significantly benefit cryptocurrency companies, which will be able to prosper openly in the country.
“We are fighting tirelessly to end the unjust de-banking of Bitcoin businesses and ensure that Bitcoin businesses can access constitutionally protected and guaranteed banking services. We will not rest until Operation Chokepoint 2.0 is finally closed.”, assured the organization.
Satoshi Action has urged crypto industry leaders and citizens to actively engage in the digital industry’s legislative process by supporting initiatives that promote transparency and fairness in financial regulations.
The organization also seeks to encourage greater adoption of crypto assets, so the funds raised during its new 60-day campaign will also be used to approve laws that guarantee the right of citizens to mine cryptocurrencies like Bitcoin, to self-custody and to run a node, in addition to encouraging government adoption of Bitcoin to create a strategic reserve denominated in this cryptocurrency in several states of the country.
