Tyler Winklevoss, co-founder of the cryptocurrency exchange Gemini, has voiced strong criticism of the U.S. Federal Reserve's recent enforcement action against Customers Bank, a financial institution known for its crypto-friendly stance. Winklevoss contends that this move is a clear sign that "Operation Choke Point 2.0" is in full swing, signaling a potentially ominous trend for the cryptocurrency industry.

In a recent post, Winklevoss did not hold back, describing the Federal Reserve's 13-page enforcement action issued on Friday as a deliberate effort to stifle the operations of crypto-friendly banks. Customers Bank, which has garnered attention for its willingness to work with cryptocurrency companies, is now facing scrutiny that could have far-reaching consequences.

Winklevoss's reference to "Operation Choke Point 2.0" alludes to a controversial government initiative from the early 2010s, where federal agencies allegedly pressured banks to cut ties with businesses deemed risky or undesirable, including those in the firearms and payday lending sectors. The term has been revived by critics who believe that the current regulatory environment is similarly targeting the cryptocurrency industry.

Tyler Winklevoss’s critique also comes with a warning for the future, particularly if Kamala Harris, the U.S. Vice President, wins the upcoming presidential election in November. He suggests that a Harris victory could lead to even more stringent regulations and crackdowns on the cryptocurrency sector, potentially stifling innovation and growth.

Winklevoss’s remarks reflect the growing concerns within the cryptocurrency community about the increasing regulatory pressure from U.S. authorities. As the industry continues to evolve, the tension between innovation and regulation appears to be intensifying, with major players like Winklevoss at the forefront of the debate.

The unfolding situation with Customers Bank could be a bellwether for the future of crypto-friendly financial institutions in the U.S., making this a critical moment for the industry to watch.