Republican lawmakers on the House Financial Services Committee and the House Oversight Subcommittee released a final report on what they called “digital asset suppression,” saying the previous administration was responsible for removing access to financial services for some crypto companies and individuals.
In a Monday opinion, House Financial Services Chairman French Hill and Oversight Subcommittee Chairman Dan Meuser. claimed that regulators under former US President Joe Biden’s administration “used vague rules, excessive discretion, informal guidance, and aggressive enforcement actions to force banks to stop serving digital asset customers” – actions that many Republicans have called “Operation Choke Point 2.0.”
The report concluded that legislative action, among other measures, was needed to bring clarity to the cryptocurrency sector. Hill and Meuser said, “Congress must pass digital asset market structure legislation,” known as the CLARITY Act, along with other bills targeting the cryptocurrency industry.
“Overall, the CLARITY Act anticipates a future Choke Point 3.0 by reversing the SEC’s regulatory approach, allowing market participants to legally operate in the United States under clear rules of conduct, and clarifying that banks can engage in the digital asset ecosystem,” the report said.
The Digital Asset Market Structure bill, which was passed by House lawmakers in July, is currently being considered by the Republican-led Senate Agriculture Committee and Senate Banking Committee. have published their versions of bills. Senate Banking Chairman Tim Scott said in November that the committee expected the bill to be ready for enactment by early 2026.
Related: How votes on market structure could influence 2026 crypto voters
Cointelegraph reached out to House Financial Services Committee Ranking Member Maxine Waters for comment on the report but had not received a response at the time of publication.
Debanking Claims by Regulators at the FDIC, Fed, OCC and SEC
Many people linked to the cryptocurrency industry or holding digital assets have reported receiving letters from financial institutions. saying they would no longer be allowed to use their services. According to the report, “at least 30 entities and individuals engaged in digital asset activities” have been debarred in one way or another by U.S. regulators under the Biden administration.
Among the measures, the report claims, regulators adopted to suppress crypto companies or individuals include the Federal Deposit Insurance Corporation (FDIC), which sends “pause” letters to financial institutions. encourage customers to break ties to digital assets, with the Office of the Comptroller of the Currency (OCC) establishing “additional paperwork for digital asset activities” and the Securities and Exchange Commission using “enforcement regulation tactics” to target crypto companies.
Since taking office in January, US President Donald Trump’s administration has eased or removed regulations impacting the cryptocurrency sector. decrees on debanking and with his choices directing the activities of the Federal Reserve, the FDIC, the OCC and the SEC.
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