Fed Clamps Down On Crypto-Friendly Customers Bank – What About The Democratic 'Reset'?

The Fed's latest enforcement action on Customers Bank brought in question the supposed plan of some Democrats to push for a "reset" with the crypto industry. (Credit: Jernej Furman/flickr.com)

KEY POINTS

• Rep. Nickel previously said some Democrats are pushing for a "reset" between Harris, the Party, and the crypto space
• The Fed said it identified "significant discrepancies" in Customers' compliance and risk management practices
• Winklevoss said the latest action only means Operation Choke Point 2.0 is on a roll

A growing number of Democratic leaders have recently been turning toward the cryptocurrency industry, but on Thursday, the Federal Reserve announced an enforcement action against digital assets-friendly Customers Bank.