The U.S. Congress is actively investigating the debanking of cryptocurrency firms, with both the Senate and House of Representatives delving into the matter. The Senate Banking Committee, led by Tim Scott, has scheduled a hearing for February 5 to explore whether financial regulators under the Biden administration improperly severed crypto industry leaders from the banking system. This practice, dubbed “Operation Chokepoint 2.0” by critics, allegedly targeted digital asset firms, political figures, and conservative businesses. The House Oversight Committee is also probing whether this debanking stems from financial institutions or government pressure, sending letters to executives at companies like Coinbase, Lightswap, and Uniswap Labs. Meanwhile, banking regulators have publicly stated that banks engaging with crypto would face additional scrutiny, with the FDIC advising banks to halt digital asset services until specific regulations are in place.
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