The Federal Reserve (Fed) announced that it will no longer require member banks to provide prior notice of crypto and stablecoin-related activities, marking the end of the 'Operation Chokepoint 2.0' policy from the Biden era. Is this a major turning point for the cryptocurrency industry? Let's analyze in detail.


Fed Changes Policy: Crypto Treated Equally

On Thursday evening (April 24, 2025), #Fed announced it would end the requirement for member banks to provide prior notice of crypto and stablecoin-related activities. Instead, the Fed will oversee digital asset activities just like any other banking activity. This move comes after similar changes from two other major banking regulators, the FDIC and the Office of the Comptroller of the Currency (OCC), which clarified that banks are allowed to engage in crypto activities without explicit permission from regulators.


Context: From 'Operation Chokepoint 2.0' to Change

In January 2023, following the historic collapse of the FTX exchange, the Fed, FDIC, and OCC issued guidelines strongly advising U.S. banks against participating in crypto. The joint statement at that time claimed that issuing or holding crypto on open, public, or decentralized networks 'is very likely inconsistent with safe and sound banking practices.' This policy, dubbed 'Operation Chokepoint 2.0,' led many crypto companies to be denied traditional banking services simply for being associated with the industry.


Under President #DonaldTrump , reversing the anti-crypto policy from the Biden era has become a top priority. Trump, with initiatives like the Strategic Bitcoin Reserve Fund and the appointment of Eric Trump to the Metaplanet Strategic Advisory Council, has fostered a friendlier environment for cryptocurrencies. The simultaneous policy changes from the Fed, FDIC, and OCC are evidence of this trend.


Reactions From the Crypto Industry: From Worry to Optimism

Despite positive signals from the FDIC and OCC, some concerns in the crypto industry still existed as of April 24, 2025, that the Fed may not be willing to change. The current Fed board consists of 4 Democratic members and 3 Republican members, and Fed Chair Jerome Powell recently indicated he could act independently of Trump's wishes. An anonymous crypto banking advocate shared with Decrypt that they are concerned the Fed, with a Democratic majority and Powell's position, will delay or oppose the repeal of Biden-era policies. However, the Fed's announcement suggests the central bank 'is on the right track.'


Remaining Restrictions: Master Account at Fed

Despite significant progress, the Fed's announcement has not changed the policy regarding master accounts for crypto-focused banks like Custodia and Kraken Financial. Master accounts are crucial for a bank to serve customers nationwide, allowing access to Fed services. For many years, the Fed has denied these accounts to crypto banks, limiting their operational capabilities. This issue remains a challenge that needs to be addressed for the digital asset industry to develop comprehensively in the U.S.


Impact on the Crypto Market

The Fed's policy change brings many positive signals for the cryptocurrency industry:



  • Increasing legitimacy: The Fed treating crypto like other banking activities helps increase legitimacy, facilitating traditional banks' participation in this space without fear of being denied services.


  • Promoting innovation: Crypto companies like Tether (holding over 10% of Juventus shares) or Twenty One (with a $3.9 billion Bitcoin stash) will have easier opportunities to collaborate with banks, thereby promoting initiatives like real estate tokenization (projected to reach $4 trillion by 2035, according to Deloitte).


  • Supporting digital asset value: With the U.S. dollar weakening (USDX hitting a new low of 97.9 on April 21, 2025, according to FXCE), Bitcoin ($85,000) and other tokens like XRP ($2.19) could benefit from new capital flows as banks engage more deeply.


Future Prospects

The Fed's withdrawal of restrictive crypto regulations is a significant step forward, paving the way for collaboration between traditional banks and the digital asset industry. If the master account issue is resolved, crypto banks will be able to operate more robustly, thereby promoting broader acceptance of cryptocurrency in the U.S. – the largest financial market in the world.


Conclusion: A Bright Future for Crypto in the U.S.?

The end of 'Operation Chokepoint 2.0' with the Fed's decision, alongside the FDIC and OCC, is a significant milestone, allowing crypto to be treated equally in the U.S. banking system. Although there are still restrictions regarding master accounts, this move opens up great opportunities for the digital asset industry, from collaborating with banks to promoting innovation. Could this be the beginning of a new era for crypto in the U.S.? Investors should closely monitor to seize opportunities from this change.


Risk warning: Investing in crypto carries high risks due to price volatility and legal uncertainty. Please consider carefully before participating. #anhbacong