• Cooper & Kirk PLLC released a white paper alleging that US federal regulators are engaging in a “clandestine financial war” against the crypto industry.
• The firm argues that Operation Chokepoint 2.0 deprives businesses of their constitutional rights to due process, violates the non-delegation doctrine, and anti-commandeering doctrine.
• Cardano founder Charles Hoskinson has commented on the letter in a YouTube video urging Congress to hold the agencies accountable and has proposed questions and steps to obtain answers.
Cooper & Kirk’s Allegations
Washington, D.C. law firm Cooper & Kirk PLLC on Friday 24th of March released a white paper alleging that US federal regulators are engaging in a „clandestine financial war“ against the crypto industry. The report claims that regulatory bodies such as the Federal Deposit Insurance Corporation (FDIC) and the Options Clearing Corporation (OCC) are using „regulatory tools and pressure tactics“ to limit the extent to which digital assets can be integrated into the financial system. Dubbed „Operation Chokepoint 2.0,“ the report likens the recent regulatory measures to a similar initiative under the Obama administration, which aimed to target fraudulent and high-risk industries such as tobacco and payday lending.
Accusations of Regulatory Overreach
Cooper & Kirk’s report goes on to explain how regulators are issuing informal guidance documents that target crypto users deemed as posing a higher risk to banks. The report raises concerns over the increased regulatory scrutiny that the crypto industry has been subject to in recent years. The law firm argues that Operation Chokepoint 2.0 deprives businesses of their constitutional rights to due process, violates the non-delegation doctrine, and anti-commandeering doctrine This deprives Americans of key structural constitutional protections against the arbitrary exercise of governmental power, according to the report.. Furthermore, Cooper & Kirk alleges that as a result of these measures, businesses and individuals in
