Vance announced the failure of Operation Chokepoint 2.0 and promised clearer regulation for the cryptocurrency market
At the 2025 Bitcoin Conference, U.S. Vice President J.D. Vance made a major announcement that "Operation Chokepoint 2.0" has completely failed. This initiative had been a nightmare for the cryptocurrency industry, limiting its connections with the U.S. banking system.
But now, Vance has promised that the Trump administration will end this practice of "weaponizing federal regulations" and ensure that the cryptocurrency market welcomes a clearer and more friendly legislative environment.
Vance pointed out that the government has removed former SEC Chairman Gary Gensler and promised to continue replacing officials who adopt similar enforcement strategies. This move demonstrates the government's support for the cryptocurrency industry and its expectations for future legislation.
The Vice President also called on Congress to pass a comprehensive cryptocurrency market structure bill to ensure the status of digital assets (especially Bitcoin) within the U.S. financial system. He warned that if clear regulatory guidelines are not established, this $3 trillion industry may shift overseas.
Vance also mentioned the GENIUS Act, which aims to expand the use of stablecoins pegged to the dollar and enforce transparency requirements.
Additionally, Vance estimated that there are currently 50 million Americans who own Bitcoin and stated that this number could double in the near future. He defined Bitcoin adoption as a hedge against both political risks and inflation, stating that Bitcoin can provide protection for people.
In summary, Vance's announcement of the failure of Operation Chokepoint 2.0 at the 2025 Bitcoin Conference marks a significant shift in the Trump administration's attitude towards cryptocurrency regulatory policies.
At the same time, he also promised to strengthen stablecoin regulation, promote market transparency, and facilitate the integration of digital assets with the traditional financial system, showcasing a new level of government support for the cryptocurrency industry.