A non-custodial wallet ban issued by Google, dubbed “Operation Chokepoint 3.0,” spooked the crypto community before the search engine giant corrected itself.
The Rage initially reported that Google’s new Play Store policy required software developers of non-custodial wallets to have a license with FinCEN or MiCA regulations.
This would force anti-money laundering and know-your-customer checks onto non-custodial wallet users.
Understandably, this caused uproar among crypto proponents, who described it as an attack on the industry, which stifled the freedoms of non-custodial wallet developers.
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Twitter creator Jack Dorsey dubbed Google’s ban “terrible,” while crypto exchange CEO Erik Voorhees called for wallet developers to smash their phones and throw them into ravines in protest.
“Have respect for yourself and your customers. Do not comply. Do not be ‘pragmatic.’ Google has decided to be evil, so now it is your turn,” Voorhees said.
The CEO of Bull Bitcoin, Francis Pouliot, called for Donald Trump to threaten Google in an attempt to reverse the policy change. Pouliot added, “If he doesn’t, his whole ‘pro-crypto’ schtick is LARP.”
Many noted that the move would violate various constitutions and international laws, and claimed it didn’t align with one of Google’s former mottos, “Don’t be evil.”
Bitcoin advocate Stoney Bitson called Google’s move “Operation Chokepoint 3.0,” and claimed the restrictions are “attacking your ability to hold your own cryptographic material.”
Operation Chokepoint 3.0 is a play on the so-called “Operation Chokepoint,” an initiative that took place under the Obama administration and which involved pressuring banks to avoid shady businesses.
Crypto advocates similarly dubbed the Biden administration’s approach to regulation as “Operation Chokepoint 2.0.”
Google messed up crypto wallet policy
The whole affair, however, was a mistake on Google’s part, and the firm had to backtrack on the supposed ban by clarifying, “Non-custodial wallets are out of scope of the Cryptocurrency Exchanges and Software Wallets policy.”
The Rage’s article now reflects this, and Google has been busy replying to users, making sure the change in policy is known.
Indeed, its policy page now includes a disclaimer clarifying that non-custodial wallets aren’t within its scope.
