Banks in the U.S. may soon face penalties if they apply financial restrictions motivated by politics against the cryptocurrency sector, as the White House plans to issue a new executive order to change how financial institutions operate.
This move is expected to end the situation where banks refuse services to cryptocurrency businesses—a trend that has come under intense criticism under the name Operation Chokepoint 3.0.
MAIN CONTENT
The White House is expected to issue penalties against banks restricting financial services for political motives towards cryptocurrency businesses.
Operation Chokepoint 3.0 is a criticized trend where banks deny services to sectors considered 'politically less prioritized'.
The new order could reverse the status quo, reinforcing principles of neutrality and equal access to finance.
What is Operation Chokepoint 3.0?
Operation Chokepoint 3.0 refers to the trend of banks excluding sectors deemed politically unfavorable from financial services, particularly the cryptocurrency sector.
In fact, many cryptocurrency businesses have previously reported being denied account openings, cut off, or restricted in transactions at major banks in the U.S. In response to this, the DeFi community has continuously voiced concerns about the unfairness in the traditional banking ecosystem.
The phenomenon of Operation Chokepoint initially emerged in the early 2010s under strong criticism for its negative impact on legitimate businesses, especially when authorities are believed to influence banks to steer clear of sectors considered 'policy-stigmatized'.
Why is Operation Chokepoint 3.0 heavily criticized?
Many leaders in the cryptocurrency sector and financial experts believe that Operation Chokepoint 3.0 harms the ability to innovate, access capital, and develop a healthy new financial ecosystem.
"Operation Chokepoint 3.0 is essentially a form of indirect government regulation aimed at restraining the cryptocurrency sector by eliminating essential financial services."
David Schwartz, Chief Technology Officer of Ripple, 2024 (source: X)
The direct impact is that many DeFi startups in the U.S. face difficulties in operations, leading to the risk of moving operations abroad or falling into a weaker position compared to international markets.
In addition, the role of banks as 'gatekeepers' in the financial sector has fostered distrust among businesses, investors, and the global cryptocurrency community.
How are banks accused of discrimination?
Specifically, many major banks in the U.S. are accused of making service restriction decisions not based on financial risk, but due to political factors or biases against their customer sectors.
A typical example is the event where JPMorgan was accused of temporarily suspending its re-linking process with Gemini in 2025, after Tyler Winklevoss publicly criticized the bank—triggering a debate about fairness in access to financial services.
"Previously, correspondent banks in the U.S. often blocked transactions related to the cryptocurrency sector (especially fiat-to-crypto exchanges). This action prevents global banks from opening up to cryptocurrencies."
Changpeng Zhao, Founder of Binance, 2025 (source: X)
Not only major exchanges, many small and medium enterprises in the blockchain sector also face the situation of bank accounts being frozen and payments being denied, severely affecting operations.
When did the tightening of cryptocurrency begin?
The milestone of tightening financial services with the cryptocurrency sector is often mentioned as starting from 2021, commonly referred to as Operation Chokepoint 2.0.
According to industry experts and leaders, this second wave began when many large banks proactively severed ties with cryptocurrency businesses, making access to operational solutions difficult.
Elon Musk and Alex Rampell (Andreessen Horowitz) both state that this situation causes clear inequality, as businesses do not receive adequate protection regarding access to finance.
"Unlike the previous phase dominated by regulators, the current wave is directly stemming from the banks themselves, raising many concerns about discriminatory motives and institutional bias."
Alex Rampell, General Partner, Andreessen Horowitz, 2024 (source: Reuters)
The bank denies the allegations, the rebuttal, and the anticipated policy changes
Major banks in the U.S. always deny implementing service restrictions based on political motives. However, under increasing pressure from lawmakers and the cryptocurrency community, the U.S. government is taking strong action to ensure the neutrality of the financial system.
According to Reuters, a draft executive order is under consideration by the government, which stipulates that banks will be penalized if found to discriminate or violate the Equal Credit Opportunity Act, antitrust laws, and consumer protection laws.
"The era of discrimination under Operation Chokepoint 3.0 is coming to an end, and the community is looking forward to a fair and transparent competitive environment for the digital asset sector."
Paul Barron, Digital Financial Analyst, 2025 (source: AMBCrypto)
If this order is passed, many experts believe it will be a significant turning point, helping to restore business confidence in accessing finance and developing new technology in the U.S.
How will the White House's new executive order impact the cryptocurrency industry?
This executive order not only forces banks to carefully consider their decisions to restrict services but also creates a legal foundation to protect cryptocurrency businesses from discrimination and operational risks.
In the long run, this could open up significant growth opportunities for DeFi and CeFi platforms as well as blockchain technology innovation in the U.S., while reducing brain drain to international markets.
Experts believe that the possibility of breaking down 'discriminatory barriers' will stimulate competition, boost digital financial investment, especially as the U.S. faces strong competition from European blockchain hubs, Singapore, and Hong Kong.
Comparison: Banking policies with cryptocurrencies in the U.S. and other markets
The differences in access to financial services, support for innovation, and the level of policy intervention between the U.S. and some leading markets are clearly illustrated in the following summary table:
Country/Region Access to banking services for cryptocurrency businesses Regulatory policies Attitude towards digital financial innovation U.S. Often restricted, especially under Operation Chokepoint 3.0 Not unified, heading towards stronger reforms Cautious, emphasizing risk control Europe (EU) Open, the MiCA initiative encourages banks to facilitate Clear regulations on standards and investor protection Support for technological innovation Singapore Easy access, many banks serve blockchain businesses Transparent legal framework, many incentives Strong support for innovation testing Hong Kong Flexible account opening, leverage sandbox framework Proactive management, prioritizing digital asset development Attracting international businesses
Reactions from the business community and global policies on digital assets
In the context of increasing global competition in blockchain, the trend of discriminating against financial services in the U.S. is seen as a major barrier to domestic businesses.
The U.S. government's executive order to eliminate Operation Chokepoint 3.0 is expected to end the period of 'hardship' for cryptocurrency businesses, triggering a new wave of investment and increasing global investor confidence.
At the same time, other developed countries are continuously updating their legal frameworks, creating advantages for businesses wanting to diversify operations on a global scale through policies that support the development of digital assets.
Summary: Development direction and expectations for the future
Looking back at the journey of Operation Chokepoint from the early 2010s to now, one can clearly see the impact of banking policies on the cryptocurrency ecosystem.
The strong policy shift—expected to be announced by the White House—is assessed not only to relieve the bottleneck for domestic businesses but also to enhance the competitive position of the U.S. on the global financial map.
Additionally, experts recommend that businesses continue to enhance governance standards, comply with legal requirements, and increase transparency to both leverage advantages from new policies and contribute to building a sustainable digital asset ecosystem in the U.S.
Frequently Asked Questions
What is Operation Chokepoint 3.0?
It is a phenomenon where U.S. banks restrict services to cryptocurrency businesses or sectors deemed 'politically negatively assessed', leading to difficulties in accessing finance, criticized for being unfair.
How will the White House's new executive order affect the cryptocurrency industry?
This order is expected to create a competitive, equal environment, eliminate discrimination, and promote investment in blockchain technology innovation in the U.S.
Why is Operation Chokepoint 3.0 controversial?
Due to causing obstacles to innovation, limiting access to capital, and creating barriers to development for legitimate digital financial enterprises.
How have major banks in the U.S. responded to discrimination allegations?
They deny political motives, but face strong reform pressure from public opinion, the cryptocurrency community, and policymakers.
In what cases will bank penalties apply?
When banks are found to restrict financial services due to political factors, violating equal credit opportunity rights, competition, or consumer protection.
What is the global policy on banking with blockchain businesses?
Financial centers like the EU, Singapore, and Hong Kong allow easier access to banking, with a more transparent legal framework compared to the U.S.
What should individual investors do in response to this trend?
It is advisable to closely monitor policy developments, prioritize selecting transparent financial partners, and implement proactive risk management to protect assets against any systemic changes.
Source: https://tintucbitcoin.com/cz-phan-hoi-nha-trang-ve-chokepoint-3-0/
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