US Congress starts investigating crypto debanking allegations
The United States’s supervisory committee has launched an investigation into alleged debannage practices targeting cryptographic companies.
Friday, the president of the James Comer Committee Letters sent to eminent Crypto leaders, including Jamming The CEO Brian Armstrong and the founder of the Uniswap, Hayden Adams, seeking information on the reported banking restrictions.
The survey aims to assess whether the financial institutions have acted independently or have been influenced by government pressure To refuse services to cryptographic companies.
1/ Today we, along with some of the most important crypto companies and investors, received a letter from @GOPoversight asking for information on the recent debanking of lawful companies and individuals.
We’re grateful for @RepJamesComer’s leadership on this critical issue.
— Blockchain Association (@BlockchainAssn) January 24, 2025
These allegations, called “Operation Choke Point 2.0”, establish parallels to a Obama era initiative that the targeted industries judged high risk for fraud. Recent reports suggest that federal regulators may have coordinated efforts to restrict access to cryptographic companies to traditional banking services.
Crypto regulatory turbulence in recent years
The investigation follows complaints Crypto founders on steep accounts and banking obstacles, especially during the Biden administration.
Legislators expressed their concerns DEBANKING STRFERS INNOVATION and pushes technological progress abroad.
The Committee also underlined potential political discrimination, citing the claims of industry leaders and the memoirs of First Lady Melania Trump, who described a similar experience.
Post Comment