Operation throat strangulation 2.0 is over, the Fed withdraws encryption restrictions: a late-time system shift

& ldquo; Operation Chokepoint 2.0 & rdqua; has never been conspiracy theory。

THE PREVIOUSLY DECLASSIFIED UNITED STATES FEDERAL DEPOSIT INSURANCE CORPORATION (DFIC) INTERNAL DOCUMENTATION SHOWS THAT IN 2023 THE UNITED STATES REGULATORY HIERARCHY DID LAUNCH AN ORGANIZED DEBANKING OPERATION AGAINST THE ENCRYPTION INDUSTRY。

In the same year, with the successive collapse of Silvergate, Signature and Silicon Valley banks, regulators imposed restrictions on banking services to encrypted companies through a system of friction, resulting in limited industry mobility and access. One of the core tools for this initiative is the Federal Reserve ' s key policy statement of the year — — the inclusion of bank involvement in stabilization currency, chain settlement, encryption hosting, etc. in “ high-risk innovation activity ” and the setting of additional thresholds for approval。

and just yesterday, the blockade was dismantled by the fed. according to the latest information, the federal reserve officially lifted the restrictions issued in 2023. this is not the sudden regulation & ldquo; the friendly & rdquo; but the isolation strategy of the past has become difficult to cope with the financial flows and industry realities of the fast-growing chain。

At first sight

Over the past year, one fact has become clearer:

& middot; stable currency scale continues to grow

· linking dollar transactions is becoming more frequent

· capital flows are not back in the banking system

the most important dollar settlement activities occur in regions with less regulatory reach. this allowed the isolation strategy originally used in “ risk protection ” to begin to create systemic hazards in reverse。

It is also against this background that the Federal Reserve recently formally rescinded its 2023 restrictive policy statement, which re-integrates banks into encryption-related operations and re-incorporates them into the conventional prudential regulatory framework。

Custodia's Reaction

As a direct result of the isolation policy and the throat strangulation operation, some encrypted banks have no access to the dollar settlement system. Custodia Bank is the most typical case. The bank, which was focused on encryption, applied to the Fed's chief account for three years and was never approved and excluded from the United States dollar liquidation system。

Recently, Custodia had submitted an application to the Court of Appeals for the Tenth Circuit for reconsideration of the previous decision rejecting its main account application. Although the decision has not yet been issued, the lawsuit itself has become an important window of view of the shift in the regulatory logic of the United States: the market can learn, through the Custodia case, whether regulation is being made from “ default not ” gradual transition to “ and compliance access & rdquo。

supervising & ldquo; how ”

ALMOST SYNCHRONIZED, THE SEC ISSUED A DECLARATION ON BROKERING DEALERS HOSTING ENCRYPTED ASSETS. THE CONTENT OF THE DOCUMENT SHOWS THAT REGULATION NO LONGER QUESTIONS WHETHER IT IS PERMISSIBLE, BUT PROVIDES SYSTEMATICALLY THAT:

how the · private key is managed

how to assess the technical risks of the & middot; block chain

· 51% how to respond to extremes such as attack, hard fork, etc

encryption-related business is no longer considered &ldquao; exception &rdquao; it is a regulated conventional risk within the financial system。

System shift

If recent events are seen together, a clear trend can be observed:

· fed removes special encryption restrictions

& Middot; SEC provides a hosting operating framework

& Middot; OCC Expanded Recognition of Stabilisation Currency and Trustee

· regulatory focus from containment to structured management

The focus of regulation has shifted from containment to structured management, and encryption is no longer in total isolation, but has been broken down into manageable modules: settlement, hosting, liquidation, wind control。

Get back in there

in 2023, u.s. regulators chose &ldquao; the encryption was blocked outside the door &rdquao。

In 2025, they realized that chronic absence was in itself the greatest risk。

this is not a victory on one side, but a realistic recognition of — and when the dollar in the chain has become part of global financial flows, the only option for regulation is not to ignore it, but to re-enter it。

Real change will not be reflected in short-term situations, but in who is allowed to participate in the next phase of the United States dollar settlement and hosting system。

And that is at the heart of this policy adjustment。

* The present document is for information purposes only and does not constitute an investment proposal. Markets are risky and investments need to be prudent。