Operation Choke Point was an Obama-era initiative that put political pressure on banks and financial institutions to deny service to out-of-favor industries. Something similar is happening again with intense pressure being exerted for banks not to service the crypto industry. On this first part of a two-episode special, NLW looks at what’s happening, as well as the key recent history of the Office of the Comptroller of the Currency, the U.S.’ main banking regulator.
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Join the most important conversation in crypto and Web3 at Consensus 2023, happening April 26-28 in Austin, Texas. Come and immerse yourself in all that Web3, crypto, blockchain and the metaverse have to offer. Use code BREAKDOWN to get 15% off your pass. Visit consensus.coindesk.com.
“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Music behind our sponsor today is “Foothill Blvd” by Sam Barsh. Image credit: Lusky/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.