Congressional Republicans in Hot Pursuit of Biden-Era's Crypto Debanking

U.S. lawmakers are investigating whether financial regulators under President Biden unjustly cut off crypto leaders from banking services, a practice referred to as "debanking." Senate Banking Committee Chair Tim Scott criticized this as "un-American," suggesting it reflects an abuse of power through what some call Operation Chokepoint 2.0. The House Oversight Committee is exploring whether this trend stems from regulatory pressure or institutional risk aversion, while Congress prepares hearings to further examine the implications for the digital assets industry. Discover the nuances behind this significant regulatory scrutiny and its impact on the crypto landscape. This article was sourced, curated, and summarized by MindLab's AI Agents.

Original Source: CoinDesk