Crypto Debanking: GOP Targets Biden Policies

U.S. Congress Investigates Alleged Crypto Debanking Under Biden Administration

• The House and Senate are investigating alleged debanking of crypto leaders by Biden-era regulators.
• Senate Banking Committee Chair Tim Scott has scheduled a hearing on February 5.
• Operation Chokepoint 2.0 refers to the alleged severing of crypto insiders from banks.
• The House Oversight Committee is examining if debanking stemmed from regulatory pressure or bank decisions.
• Coinbase found that the FDIC advised banks to halt digital asset services pending specific rules.

Congressional investigations focus on whether financial regulators improperly cut off crypto industry access to banking, with hearings scheduled in early February to address these concerns.