Republican leaders released a final staff report going over claims of debanking by federal regulators in what some have called “Operation Choke Point 2.0.”
Republican lawmakers on the US House Financial Services Committee and House Oversight Subcommittee have released a final report on what they called “debanking of digital assets,” claiming that the previous administration was responsible for cutting off access to financial services for some crypto companies and individuals.
In a Monday notice, House Financial Services Chair French Hill and Oversight Subcommittee Chair Dan Meuser claimed that regulators under the administration of former US President Joe Biden “used vague rules, excessive discretion, informal guidance, and aggressive enforcement actions to pressure banks away from serving digital asset clients” — actions many Republicans have referred to as “Operation Choke Point 2.0.”
The report concluded that legislative action, among other measures, was necessary to provide clarity for the cryptocurrency industry. Hill and Meuser said, “Congress must enact digital asset market structure legislation,” known as the CLARITY Act, and other bills targeting the cryptocurrency industry.
