Why the new FDIC leadership isn’t convinced Operation Chokepoint 2.0 exists

Acting FDIC Chairman Travis Hill has not seen concrete evidence that Operation Choke Point 2.0, the alleged crypto debanking scheme, existed, according to sources who have spoken with him. Industry leaders on X have said the effort ended with the Biden administration's departure, but Hill's January 10 speech, in which he said there is no place at the FDIC for anyone who pushed banks to stop serving law-abiding customers, was misinterpreted as confirmation. Hill reportedly finds a series of pause letters released in Coinbase's court case with the FDIC to be strong evidence of a concerted effort, while FDIC supervisors would argue the distancing reflected safety and soundness concerns. Coinbase Chief Legal Officer Paul Grewal believes undeniable proof will eventually emerge, and the FDIC declined to comment.