The House Committee on Oversight and Government Reform has sent a formal letter to several crypto companies and organizations, asking for evidence and reports of cases in which crypto companies and individuals have systematically denied access to bank services.
The letter was addressed to various entities, including the Blockchain Association, Uniswap Labs, Coinbase, Payward, AH Capital Management and Lightspark.
The Blockchain Association, which represents some of the greatest crypto companies and investors, that confirmed that She had received the letter on January 24. The organization praised the leadership of representative James Comer and emphasized the urgency of tackling this issue.
The investigation is part of the broader investigation of the Oversight Committee into whether political motives or over regulation of crypto companies have systematically excluded essential banking services.
In the letter from the committee, various high -profile examples of Debanking are cited, including statements by Brian Armstrong, CEO of Coinbase, and Hayden Adams, CEO of Uniswap Labs, who claimed that their companies was abruptly denied bank services without explanation.
Rising pattern
According to the Blockchain Association, a clear pattern arose among the Biden government in which legal crypto companies were denied access to banks for vague or unknown reasons. It argued that these actions obstructed innovation and forced many companies to move or operate under uncertain circumstances.
In response, the association launched an anonymous tip line for persons affected by Debanking and submitted several requests from the Freedom of Information Act (FOIA) to investigate possible interference of the regulations.
The letter from the committee refers to the government of former President Barack Obama and the alleged Operation ChokePoint, which focused on risky industries by limiting their access to financial services.
On January 10, Travis Hill, interim chairman of the Federal Deposit Insurance Corporation (FDIC), recognized the role of the agency in the debanking of crypto companies. However, he did not explicitly confirm the existence of an effort as Operation ChokePoint.
Quick action
The Blockchain Association and its allies have called for rapid action and have placed the issue of Debanking at the top of their policy agenda.
After the November elections, the association sent a letter to President Trump and the new congress, in which they urged them to give priority to the protection of legal crypto companies.
Senator Cynthia Lummis, an advocate for crypto, promised initiatives such as Operation ChokePoint 2.0 in a statement that followed her nomination To lead the new Senate subcommittee for digital assets.
The aim of the Oversight Committee’s investigation is to determine whether financial institutions act independently or under the leadership of supervisors to limit access to banking for crypto companies.
It also tries to uncover the broader implications for American innovation, entrepreneurship and financial inclusion.
Crucial moment for innovation
The findings of the committee can have significant implications for the future of crypto in the US, which determines whether the industry can thrive under fair regulations practices or can continue to be confronted with barriers that hinder growth and stimulate innovation abroad.
The Blockchain Association stated:
“This Saga shows why many people feel attracted to crypto at all. We want to live in a world where everyone determines their own financial fate, free from unnecessary political interference. ”
President Donald Trump recently signed one executive order Creating a working group that focuses on crypto and the role of ‘Crypto-Tsaar’, which will be responsible for promoting a regulatory framework for industry.
In addition, on his second day, Trump nominated Commissioner Mark Uyeda as acting chairman of the American Securities and Exchange Commission (SEC). The next day, Uyeda A Task Force Founded Within the supervisor to increase the legal clarity for crypto in the US.
