Exit
There's one way out and nobody is blocking the door... yet.
“Big devaluations are abrupt and episodic rather than evolutionary.” -Ray Dalio
a.k.a.
”Risk happens fast.” -Greg Foss
This post will serve as a list of the current and ongoing erosion of the gateways individuals require in order to exchange their USD for ₿TC, otherwise known as Operation Chokepoint 2.0, and will continue to be updated as more events unfold.
This will be valuable to watch develop and keep track of in real-time as well as be a great piece for reflection in the future, regardless the state of affairs then.
What’s Happened…
(This will keep being updated)
1/3/2023- Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency released a joint statement informing banks that the three agencies had “safety and soundness concerns with business models that are concentrated in crypto-asset-related activities or have concentrated exposures to the crypto-asset sector.
1/27/2023- Fed Denies Custodia Bank after over 2 year process of applying for Fed Master Account
Custodia proposed being a “Full Reserve Bank”, that would hole $1.08 for every $1 deposited.
3/8/2023 - Silvergate Bank Collapses
Largest US Financial institution providing services to crypto companies
Took Over $1 Billion hit from FTX Collapse
Killed by deposit outflows combined with unrealized security losses
3/9/2023 - Silicon Valley Bank Collapses
Killed by deposit outflows combined with unrealized security losses
3/12/2023 - Signature Bank is forced into FDIC receivership by NY regulators.
Next largest financial institution providing services to crypto companies
Unlike it’s former industry counterparts, Signature bank was forced into a receivership with the FDIC, NOT re-capitalized and sold to a larger bank because there was no underlying
Board member Barney Frank, architect of the Frank-Dodd Act, is quoted saying: “This was just a way to tell people, ‘We don’t want you dealing with crypto’’
The fact that the FDIC and Fed forced this transition on a Sunday night, the prior listed circumstances along with the following event that took place the same day proves that the steps taken on Signature were intended as malicious against Bitcoin and broader “crypto” industry.
3/12/2023 - Federal Reserve announces Bank Term Funding Program to provide banks with liquidity
Does not detail how much liquidity or how long the “term” is.
3/15/2023 - Two days later, the collapse and Signature and other banks blame by multiple large media outlets on the rollback of regulations during the Trump presidency.
Above New Yorker article does not contain one mention of words
“Unrealized”
“Loss”
“Bond”
“Treasury”
3/22/2023- Coinbase served “Wells Notice” By SEC
3/24/2023- Cooper & Kirk Releases “Operation Chokepoint 2.0”
Masterfully outlines the coordinated abuses of power across US governing bodies to launch an attack on crypto & crypto-adjacent firms.
Law firm played key role in defending companies in Operation Chokepoint roughly a decade ago.
3/31/2023- Elizabeth Warren makes public her intentions for “Building An Anti-Crypto Army”
5/2/2023- Whitehouse Announces DAME Tax, proposing 30% premium tax to be paid by those who choose to use their electricity to mine Bitcoin or other cryptocurrency.
Goal of this legislation being to “reduce emissions”.
Miners release no emissions.
5/12/2023- Two months after the BTFP the Federal Reserve Emergency Loans rise to a total of nearly $100 Billion
Receivers and their respective amounts are not disclosed
There is definitely much more I am missing, but will continue to update.