Coordinated regulatory actions by the FDIC, Federal Reserve, and Treasury indicate a deliberate "Chokepoint 2.0" strategy aimed at stifling the Bitcoin and crypto industries. The shutdown of Signature Bank serves as a primary example of this trend, with board member Barney Frank suggesting the move was politically motivated rather than financially necessary. Despite this pressure, multi-billion dollar enterprises like Square and Fidelity provide significant resistance due to their deep integration of Bitcoin rails and massive legal resources. Square’s seamless Lightning Network integration and Fidelity’s rollout of retail Bitcoin access for 37 million accounts demonstrate that the asset class has become too institutionalized to easily dismantle. However, a critical challenge remains in pressuring these giants to enable self-custody. Without the ability for users to withdraw assets, the industry risks falling into a trap of cash-settled derivatives that undermine Bitcoin's core value proposition of financial sovereignty.
Sign in to continue reading, translating and more.
Continue
