US Congress Investigates Claims of Crypto Firms Being Debanked
The US Congress is investigating claims by crypto exchanges about Operation Chokepoint 2.0. Rep. James Comer announced the inquiry, focusing on whether regulators debanked prominent crypto firms during Biden's administration.
Key Points
- Comer informed industry stakeholders about the investigation on January 24.
- Congress seeks to determine if political viewpoints led to debanking practices against crypto entities.
- Previous officials, including former SEC chairman Gary Gensler, denied involvement in these actions.
- Documents revealed banks were instructed to cut ties with crypto companies, impacting their access to banking services.
- Andreessen Horowitz confirmed knowledge of individuals losing banking access under Biden's presidency.
- Congress has requested evidence from affected parties regarding the debanking initiative.
- The investigation may explore whether pressures came from financial institutions or government regulators.
Impact of Trump's Administration
- Trump's administration took steps favoring the crypto sector, including an executive order for a working group on digital asset markets.
- Mark Uyeda was appointed as Acting SEC Chair and initiated a crypto task force for regulatory clarity.
- The task force will collaborate with the CFTC to ensure a structured regulatory framework for Web3.