The U.S. Federal Reserve has issued a cease and desist order to United Texas Bank, citing "significant deficiencies" in the bank's risk management and compliance systems regarding its crypto clients. Following a May examination, the Fed found issues with the bank's governance, particularly around its adherence to the Bank Secrecy Act (BSA) and anti-money laundering (AML) rules. The bank has since taken measures to address these concerns, with its board agreeing to improve oversight. The order is part of a broader crackdown on crypto-friendly banks, sparking concerns about "Operation Chokepoint 2.0."