The Suspicious Denial of Protego Trust: New York Magazine Finds Evidence of Operation Choke Point 2.0

The Breakdown

Blockworks

Investing, Business

4.8 • 806 Ratings

🗓️ 2 May 2023

⏱️ 16 minutes

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Summary

Operation Choke Point 2.0 refers to the idea that there has been coordinated action by bank regulators to try to force crypto out of the system - something which the current administration strenuously denies. New York Magazine recently found more evidence than they might have believed for the effort. Enjoying this content? SUBSCRIBE to the Podcast: https://pod.link/1438693620 Watch on YouTube: https://www.youtube.com/nathanielwhittemorecrypto Subscribeto the newsletter: https://breakdown.beehiiv.com/ Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW “The Breakdown” is written, produced and hosted by Nathaniel Whittemore aka NLW. Research is by Scott Hill. Editing is by Rob Mitchell and Kyle Barbour-Hoffman. Our theme music is “Countdown” by Neon Beach.

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.3	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:18.4	What's going on, guys? It is Tuesday, May 2nd, and today we're talking about the latest in Operation Chokepoint 2.0. New evidence is here. A few quick notes before we dive in. First, if you were enjoying the breakdown, I would so appreciate it if you would leave a five-star rating or review. Second, if you're really enjoying the breakdown,
0:38.3	I would love it if you would join our community. The Breakers Discord is a great place to talk about
0:43.0	all things Bitcoin, crypto, macro, you name it. Bit.L.L.Sash breakdown pod. Third, now that
0:49.6	the Breakdown Network is up and running, we will be out recruiting aligned sponsors again.
0:54.9	If you're interested in sponsoring the show, shoot me an email at sponsors at breakdown.
0:59.0	And for those of you dreading hateful ads, I promise there will be ad-free versions available.
1:05.4	But with that, let's shift to our story today, and it is a bombshell.
1:10.1	Last night, Jen Vietchner from New York Magazine
1:12.7	dropped a story all about Operation Chokepoint 2.0. And while some have commented that they
1:18.0	were surprised that this particular piece appeared in New York Magazine, they clearly haven't been
1:23.2	following Jen. Jen has been covering crypto for more than six years now for numerous publications
1:29.2	and has a very good read on the industry. She also went to Northwestern as an undergrad, so obviously,
1:35.3	you know, she has game. Anyway, we'll come back to Jen's story in a moment, but we have to move a bit
1:40.3	farther back. I don't think that any of you listening to the show right now won't be familiar
1:44.8	with the idea of Operation Chokepoint 2.0. Operation Choke Point was an Obama era program that
1:50.8	basically used political pressure to block unwanted or unloved industries out of banking access. So it
1:57.5	was things like payday loans or gambling or pornography, right? That program was eventually
2:03.1	halted during the Trump administration, but the seeds of it clearly remained. In fact, one of the people
2:08.6	in charge of architecting Operation Chokepoint 1.0 would go on to become the head of the FDIC under Biden.
2:15.4	There has been a strong suspicion among the crypto crowd that ever since the
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