The battle line is depicted in “Operation Chalk Point 2.0.” Major crypto industry figures now take over US Vice President JD Vance, asking the Donald Trump administration for answers on what is described as an ongoing stealth campaign for crypto bank access.
Caitlin Long, who leads Custodia Bank, rejected Vance’s recent claim that the secret regulator crackdown was “dead” and made it frank.
Active FRB anti-crypto policy proves that chokepoint 2.0 continues
In a post on X, he said, “I’m sorry to report that what you said is not true,” pointing to the ongoing Federal Reserve policy since January 2023.
Sorry to report what you said @jdvance:
“#OperationChokePoint 2.0 is dead and has not returned to the Trump administration.”
That won’t end until the Fed has no longer regulated January 27, 2023 (still in place) and the private #debanking tool.
– Caitlin long🔑⚡️🟠 (@caitlinlong_) May 28, 2025
The policy in question, the Fed regulations that are said to have been used quietly bank Crypto Firms remains active and has long been underscored, along with other “private tools” being exercised to close access to legal digital asset companies’ banking operations.
Related: John Deaton sees Bitbitcoin price swing: $125,000, $112K dip
She argues that Chokepoint 2.0’s life remains very active until these measures are officially rewind and structurally dismantled.
John Deaton calls VP Vance for an independent probe to Crypto Debanking
John Deaton, a Pro-XRP lawyer and frequent industry advocate, reflected Long’s sentiment and dealt with Vance directly. “One Marine, author, JD to another Marine,“Deaton said, “What Caitlin says.”
He urged the Vice President to promote an independent investigation of the operation, even floating the name of former Florida Attorney General Pam Bondi, as someone who could lead such an investigation.
Both Long and Deaton accused Washington of weaponizing the regulatory framework to strangle legitimate innovations, warning that merely symbolic victory would not hamper future abuse.
Agreement – The government will never again weaponize the banking system against US citizens on either side of the political disparity. The tools to do that are still there. As @senlummis says, the same people who used them to crush things they don’t like are still in place.
– Caitlin long🔑⚡️🟠 (@caitlinlong_) May 28, 2025
The details of the Marathon CEO provide a detailed explanation of systematic debanking.
The core of the criticism revolves around the aggressive financial exclusion that many people in the crypto sector continue unabated.
Marathon CEO Fred Thiel reported a systematic denial of banking, lending and payment services across the industry throughout 2023 and 2024. In a statement, Thiel said that regardless of compliance status, digital asset companies are detached from traditional financial infrastructure with little or no explanation. This includes sudden bank account closures, credit denials – even basic corporate card denials.
Related: Deaton sees Ripple’s hidden road movement as the best example of code and wall street convergence
Kraken co-founder Jesse Powell revealed that after his retirement in the US, the exchange barely survived as he floated heavily on European businesses. According to Deaton, Kraken’s ordeal reflects similar experiences faced by Ripple CEO Brad Garlinghouse and Long himself.
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