The enforcement wave has caused outrage and anxiety in the crypto industry. Some industry advocates have labeled the government efforts “Operation Choke Point 2.0,” alluding to a law enforcement campaign in the 2010s to prevent banks from working with certain businesses.
One industry lawyer said he was advising executives to prepare for as long as five years of high-stakes, expensive litigation with the government. Crypto companies have privately traded tips on which law firms to hire to handle government lawsuits, said the lawyer, who requested anonymity to describe sensitive legal discussions.
Source: Government Cracks Down on Crypto Industry With Flurry of Actions – The New York Times