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Government actions linked to a broad anti-cryptocurrency operation are rapidly unraveling weeks before Republican President Donald Trump takes office.
Martin Gruenberg, president of the US Federal Deposit Insurance Corporation, announced plans to lower from office on January 19, 2025, one day before Trump's inauguration on January 20.
Gruenberg thanked agency staff for supporting his career as the longest-serving FDIC board member. He joined the regulator in 2005, rising to the role of chairman under former presidents Barack Obama and Joe Biden.
As chairman of the FDIC, Gruenberg was reportedly instrumental in a multi-agency blockchain offensive dubbed Operation Choke Point 2.0.
People with knowledge of the matter, such as Nic Carter, said publicly that OCP 2.0 threatened to prevent crypto companies from using traditional banking services. Industry titans like Coinbase sued the FDIC over these allegations and the case was ongoing as of November 19.
Digital asset supporters and pro-blockchain lawmakers welcomed Gruenberg's upcoming resignation. “This is news that should have come late, but is welcome,” tweeted U.S. Rep. Patrick McHenry.
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Out with the old, in with the new
Gruenberg's resignation marks another apparent victory for the digital asset industry following Trump's election. Several crypto-skeptical regulators have announced their departure or hinted at their resignation.
Securities and Exchange Commission Chairman Gary Gensler is rumored to be considering resigning before Trump's inauguration. Additionally, U.S. Attorney Damian Williams, who heads the Southern District of New York prosecutor's office, plans to leave his position.
Both officials were key figures in aggressive law enforcement actions against blockchain companies and crypto startups. Former SEC Chairman Jay Clayton is reportedly being considered as Williams' replacement in the SDNY office. However, Trump's choice for the next SEC chairman remains unclear.
Details about Gruenberg's successor at the FDIC were limited after his announcement. However, FDIC Vice Chairman Travil Hill could be a more cryptocurrency-friendly option. In March, Hill pushed for easing banking restrictions on digital assets and urged the FDIC to take a neutral stance toward blockchain technology.
