Choke Point 2.0, a regulation that restricts access to banking services for certain industries, is posing a challenge to Kamala Harris’ plans for a ‘crypto reset’. The policy, which has been revived under the Biden administration, is making it difficult for businesses in the cryptocurrency industry to access essential financial services.
Harris, who has been tasked with leading the administration’s efforts to regulate the crypto market, is facing backlash from industry stakeholders who argue that Choke Point 2.0 is hindering innovation and growth in the sector. Without access to banking services, crypto businesses are struggling to operate effectively and comply with regulatory requirements.
The implementation of Choke Point 2.0 is creating uncertainty and instability in the crypto market, making it harder for Harris to push forward with her agenda. The policy is also raising concerns about the government’s approach to regulating the industry, with critics arguing that it is stifling competition and innovation.
As Harris works to navigate these challenges, it remains to be seen how she will address the impact of Choke Point 2.0 on the crypto industry and whether she will be able to successfully implement her ‘crypto reset’ agenda in the face of these obstacles.