In recent years, a concerning phenomenon has emerged in the global financial system: some banks have been accused of engaging in "silent suppression" financial discrimination against specific industries, particularly in the fields of emerging technology and cryptocurrency. This action, referred to as "Operation Chokepoint 2.0," not only hinders innovation but also raises widespread questions about financial fairness. According to a report by The Wall Street Journal, the Trump administration is considering an executive order aimed at ending this unfair treatment and providing a more equitable financial service environment for "politically unpopular" industries like the cryptocurrency sector.
- Operation Chokepoint 2.0: The "Financial Suffocation" of the Cryptocurrency Industry
"Operation Chokepoint 2.0" is not without basis. In recent years, industries including cryptocurrency, startup technology companies, and even certain arms and fossil fuel sectors have faced difficulties with banks refusing to provide financial services. This "service termination" often occurs without clear reasons, leaving affected businesses unable to open accounts, transfer funds, or even facing existential crises. Billionaire Elon Musk has pointed out that during Biden's administration, at least 30 individuals in the cryptocurrency and technology sectors have encountered such refusals of financial services.
The turmoil in the U.S. banking industry in 2023, particularly the successive collapses of Silicon Valley Bank, Silvergate, and Signature Bank, has further intensified concerns about "Operation Chokepoint 2.0." Given the close ties of these three banks to the cryptocurrency industry, experts suspect that there may be a government-led suppression campaign behind this. Such systemic financial discrimination not only harms the interests of the affected businesses but also obstructs the healthy development of the entire industry.
- Trump's Commitment and the Federal Reserve's "Reputation Risk" Deregulation
In the face of this unfair situation, Trump publicly stated at the White House cryptocurrency summit on March 7 of this year that he would end Operation Chokepoint 2.0. This declaration undoubtedly injected a dose of optimism into the cryptocurrency industry. Recently, an important decision by the Federal Reserve also supports this trend.
The Federal Reserve has removed the vague metric of "reputation risk" from its bank examination standards. This means that regulators will no longer use "reputation risk" to assess financial institutions, thereby ending a controversial policy. Previously, banks complained that this policy allowed regulators to block legitimate but controversial services based on personal biases or political pressures, especially those involving cryptocurrency. The Federal Reserve's official statement confirmed that all references to reputation risk will be removed from its supervisory manuals and guidance documents, and banks will no longer be penalized simply for "looking bad," even if their business is legal and profitable. This change aligns the Federal Reserve with the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC), both of which had previously abandoned reputation testing.
- Political Pressure and Internal Divisions at the Federal Reserve
The Federal Reserve's decision comes against a backdrop of immense political pressure on the central bank. After Trump's return to the White House, he has escalated his public attacks on the Federal Reserve and its chairman, Jerome Powell, even calling him a "complete and total idiot," and demanding significant interest rate cuts to reduce U.S. debt financing costs.
In addition to Trump's direct pressure, his camp has also influenced through other officials. Commerce Secretary Gina Raimondo claimed that tariffs have led to excessive inflation, supporting Trump's demand for low interest rates. Internal divisions have also emerged within the Federal Reserve. Since last week's meeting, among all the officials who spoke, only two expressed interest in a rate cut in July, both of whom were appointed by Trump. One of them, Michelle Bowman, is even more concerned about rising unemployment than inflation, which is a significant shift for someone typically focused on price stability.
- Powell's Future and Challenges for the Cryptocurrency Industry
Despite the Federal Reserve's deregulation of the "reputation risk" metric, the development of the cryptocurrency industry still faces challenges. Experts point out that even if the OCC and FDIC relax restrictions on the cryptocurrency industry, if the Federal Reserve does not cooperate, the industry's development will still be severely hindered. The Federal Reserve Board members will not change until 2026, which could become a systemic obstacle.
Moreover, Powell's term will end in less than a year, but removing him directly is not easy. The Supreme Court rejected Trump's emergency request last month to dismiss federal commissioners at will, indicating that Powell is protected by law. This forces Trump to consider different actions: announcing Powell's successor before the end of the term. However, prematurely announcing a "shadow chairman" also carries risks, as a replacement seen as loyal to Trump may lose market credibility and face resistance from other Federal Reserve officials.
Conclusion:
The Trump administration's plan to sign an executive order, combined with the Federal Reserve's removal of the "reputation risk" metric, undoubtedly brings new hope to the cryptocurrency industry. This indicates that the U.S. government and regulatory agencies are gradually recognizing the dangers of financial discrimination and are attempting to create a fairer competitive environment for emerging industries. However, the internal divisions within the Federal Reserve and Powell's future remain uncertain factors on the path to the development of the cryptocurrency industry. Whether the cryptocurrency industry can truly escape "financial suffocation" and achieve healthy development will still require ongoing efforts and negotiations from all parties.
Related: The Wall Street Journal: Trump Administration Considers Issuing "Decentralization" Executive Order
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