Coinbase Criticizes Regulatory Overreach in U.S. House Hearing
- Coinbase’s Chief Legal Officer Paul Grewal testified against regulatory barriers between banks and crypto firms.
- Republican lawmakers supported Grewal’s claims of “regulation by exhaustion” under the Biden administration.
- The FDIC was accused of privately discouraging banks from engaging with the crypto industry.
- A judge criticized the FDIC for resisting document requests, leading to a policy reversal and document release.
- Senator Cynthia Lummis presented evidence of “Operation Chokepoint,” pressuring banks to avoid crypto clients.
The U.S. House Financial Services Committee heard Coinbase’s concerns about regulatory overreach, with bipartisan debate over the impact on innovation and consumer access to financial products.
Source (2.6)https://www.coindesk.com/policy/2025/02/06/crypto-s-debanking-worries-hit-another-big-stage-in-u-s-house?rand=52298
