US House Investigating Potential Operation Choke Point 2.0 To De-Bank Crypto

US House Investigating Potential Operation Choke Point 2.0 To De-Bank Crypto

The U.S. House Financial Services Committee looking into potential coordinated efforts by the U.S. regulators to de-bank the crypto market by restricting banking services to digital asset firms. The lawmakers assert “digital asset activity is not inherently risky,” and the action by banking regulators shouldn’t result in the de-banking of the crypto market.
US House Seeks Details on Potential De-Bank of Crypto
U.S. House Financial Services Committee Chairman Patrick McHenry, Digital Assets, Financial Technology and Inclusion Subcommittee Chairman French Hill, and Oversight and Investigations Subcommittee Chairman Bill Huizenga sent letters to Jerome Powell, Martin Gruenberg, and Michael Hsu seeking all records of the agencies.
The House will investigate whether the Federal Reserve System, Federal Deposit Insurance Corporation (FDIC), and Office of the Comptroller of Currency coordinated an Operation Choke Point-type action to deny banking services to the crypto sector.
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