Michelle Noyes, head of Americas at the Alternative Investment Management Association (AIMA), said that a survey found banking services for many U.S. crypto hedge funds have been restricted, hindering innovation and economic growth. Noyes shared her statement in a December 20 release.

"The survey data demonstrates the significant challenges the US crypto hedge funds face in accessing basic banking services," said Noyes. "AIMA is committed to finding a path forward for the entire digital asset industry that satisfies robust risk management requirements and supports financial inclusion. By addressing these banking challenges, we can unlock the full potential of the crypto industry to drive economic growth and technological advancement."

According to AIMA's survey, conducted among 160 U.S. crypto hedge funds, 75% reported encountering issues with accessing banking services for their funds. None of the traditional alternative investment managers surveyed as the control group reported experiencing similar issues. Of the crypto hedge funds notified that their relationship with their bank might be terminated, 98% said they were not provided with a clear reason. AIMA suggested this issue, referred to by some as "Operation Choke Point 2.0," could negatively impact the U.S.'s position as a global leader in finance and technology while also raising "serious concerns about inclusivity in the financial system."

Federal Deposit Insurance Corporation (FDIC) Vice Chairman Travis Hill addressed the issue of "debanking" in the digital asset industry. In a speech delivered on January 10, Hill said the FDIC must stop "any and all Choke Point-like tactics" moving forward.

U.S. Senator Cynthia Lummis has spoken out about "Operation Chokepoint 2.0," describing allegations of debanking in the crypto industry as "bone-chilling." Lummis said on X that "Operation Chokepoint 2.0 is real and I will work with Senate Banking Chair Tim Scott to get to the bottom of these serious allegations."

Venture Capitalist Marc Andreessen mentioned on an episode of The Joe Rogan Experience podcast that more than 30 tech founders have been debanked over the last four years, according to Coin Telegraph. Frax Finance founder Sam Kazemian shared his personal experience with this issue, saying that in 2022 he spoke with a representative of JPMorgan Chase who said they had been instructed to shut down accounts whose primary source of income is crypto.

Noyes joined AIMA in 2011, having previously served as Head of International Sales and Investor Relations at BRZ Investimentos in Brazil and as a conference manager at Terrapinn.