According to Odaily, Shayna Olesiuk, the Director of Banking Policy at Better Markets, criticized certain lawmakers and cryptocurrency industry leaders for their claims that U.S. government entities are attempting to debank crypto companies. This alleged initiative is referred to as 'Operation Choke Point 2.0.' In a written statement released ahead of the U.S. House Financial Services Committee's Oversight and Investigations Subcommittee hearing on February 6, Olesiuk addressed these concerns.
Olesiuk highlighted that the Federal Deposit Insurance Corporation (FDIC) has been accused of making false and misleading statements regarding the scope of deposit insurance to fintech companies. In 2022, the FDIC issued letters to banks advising them to 'pause all activities related to crypto assets.' Olesiuk noted that the 22 letters sent by the FDIC to crypto companies since 2022 were not binding but served as warnings of potential enforcement actions.
She further explained that current banking regulations limit the amount of information that can be publicly shared about the reasons for closing bank accounts. However, Olesiuk suggested that if banks were required to disclose the reasons for account closures, it could reduce misunderstandings or unfounded conclusions of malice or discrimination when accounts are closed.