JD Vance declares ‘Operation Chokepoint 2.0’ dead, pledges crypto market clarity

US Vice President JD Vance on May 28 said Operation Chokepoint 2.0 is “dead,” using his address at the 2025 Bitcoin Conference in Las Vegas to declare the end of federal regulatory actions that targeted the crypto sector and the beginning of legislative support for this industry.

Vance said the President Donald Trump administration has ended what he described as the “weaponization of federal regulations” against digital assets and stated that such policies would not return. He added:

“Let my words today serve as [Operation Chokepoint 2.0’s] obituary. We reject the Biden administration’s legacy of death by a thousand enforcement actions.”

Operation Chokepoint 2.0 is a term used by crypto advocates to describe a pattern of actions by banking regulators allegedly aimed at limiting access between the crypto industry and the US banking system. 

Vance highlighted that the Trump administration had removed Gary Gensler from the chair of the US Securities and Exchange Commission (SEC) and pledged to continue removing officials with similar enforcement strategies.

He said:

“We reject regulators, and we fired Gary Gensler. We’re going to fire everybody like him.”

‘Operation Chokepoint 2.0’ is dead

In the same speech, Vance called for a legislative approach to crypto policy, stating that the administration aims to secure the role of digital assets, particularly Bitcoin, within the US financial system. 

He said:

“We want our fellow Americans to know that digital assets, and particularly Bitcoin, are part of the mainstream economy and are here to stay.”

Furthermore, Vance endorsed efforts in Congress to pass a comprehensive market structure bill for crypto and warned that failure to enact regulatory clarity would risk pushing the $3 trillion industry offshore. 

He added that the best way to ensure that crypto is part of the mainstream economy is through legislation that propels the value represented by Bitcoin and other cryptocurrencies.

The Vice President also referenced the GENIUS Act, saying the legislation aims to expand the use of dollar-pegged stablecoins and mandate transparency requirements. 

He also argued that stablecoins do not threaten the US dollar’s status but instead serve as a “force multiplier” to extend its global reach.

Bitcoin adoption and economic framing

Vance estimated that 50 million Americans already own Bitcoin and said that number could double in the near future. Additionally, he placed Bitcoin within the context of broader economic and political themes, framing its adoption as a hedge against different scenarios. 

He stated: 

“Crypto is a hedge against bad policymaking from Washington, no matter what party is in control. It is a hedge against skyrocketing inflation, which has eroded the real savings rate of Americans over the last four years.”

He also criticized what he described as ideological discrimination in the private financial sector, suggesting that decentralized networks protect Americans from viewpoint-based restrictions on access to finance.

The speech further solidified the Trump administration’s shift toward pro-crypto policymaking, aligning federal executive priorities with a legislative agenda focused on stablecoin regulation, market structure clarity, and the integration of digital assets into the traditional financial system.

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