US Congress begins investigating crypto debanking allegations

US Congress begins investigating crypto debanking allegations

The U.S. Home Oversight Committee has launched an investigation into alleged debanking practices focusing on crypto corporations. 

On Friday, Committee Chair James Comer despatched letters to distinguished crypto executives, together with Coinbase CEO Brian Armstrong and Uniswap founder Hayden Adams, looking for details about reported banking restrictions.

The inquiry goals to evaluate whether or not monetary establishments acted independently or have been influenced by authorities stress to disclaim providers to crypto companies. 

These allegations, known as “Operation Choke Point 2.0,” draw parallels to an Obama-era initiative that focused industries deemed high-risk for fraud. Current stories recommend that federal regulators might have coordinated efforts to limit crypto companies’ entry to conventional banking providers.

Crypto’s regulatory turbulence in recent times

The investigation follows years of complaints from crypto founders about abrupt account closures and banking hurdles, significantly in the course of the Biden administration. 

Lawmakers have expressed considerations that debanking stifles innovation and pushes technological developments abroad. 

The committee additionally highlighted potential political discrimination, citing claims from trade leaders and First Woman Melania Trump’s memoir, which described the same expertise.

Supply hyperlink

bitcoin
Bitcoin (BTC) $ 97,519.13 0.65%
ethereum
Ethereum (ETH) $ 2,717.70 1.39%
xrp
XRP (XRP) $ 2.75 7.42%
tether
Tether (USDT) $ 1.00 0.00%
solana
Solana (SOL) $ 198.10 1.07%
bnb
BNB (BNB) $ 656.07 2.39%
usd-coin
USDC (USDC) $ 1.00 0.01%
dogecoin
Dogecoin (DOGE) $ 0.272247 2.76%
cardano
Cardano (ADA) $ 0.795844 0.97%
staked-ether
Lido Staked Ether (STETH) $ 2,716.57 1.50%
tron
TRON (TRX) $ 0.231162 1.84%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 97,259.06 0.55%
chainlink
Chainlink (LINK) $ 19.31 3.86%
sui
Sui (SUI) $ 3.54 1.26%
avalanche-2
Avalanche (AVAX) $ 26.42 3.36%
wrapped-steth
Wrapped stETH (WSTETH) $ 3,237.66 1.41%
stellar
Stellar (XLM) $ 0.351887 4.10%
shiba-inu
Shiba Inu (SHIB) $ 0.000017 2.18%
the-open-network
Toncoin (TON) $ 3.85 2.73%
hedera-hashgraph
Hedera (HBAR) $ 0.230368 1.92%
litecoin
Litecoin (LTC) $ 125.36 1.09%
leo-token
LEO Token (LEO) $ 9.81 0.26%
hyperliquid
Hyperliquid (HYPE) $ 26.15 1.20%
usds
USDS (USDS) $ 1.00 0.00%
weth
WETH (WETH) $ 2,716.52 1.43%
polkadot
Polkadot (DOT) $ 5.15 0.14%
mantra-dao
MANTRA (OM) $ 7.25 27.51%
bitcoin-cash
Bitcoin Cash (BCH) $ 342.21 1.68%
bitget-token
Bitget Token (BGB) $ 5.50 1.01%
uniswap
Uniswap (UNI) $ 10.00 1.05%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.09%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,879.83 1.49%
pepe
Pepe (PEPE) $ 0.00001 5.17%
monero
Monero (XMR) $ 230.15 1.82%
official-trump
Official Trump (TRUMP) $ 21.25 32.81%
ondo-finance
Ondo (ONDO) $ 1.32 0.25%
near
NEAR Protocol (NEAR) $ 3.52 4.53%
aave
Aave (AAVE) $ 260.83 2.26%
whitebit
WhiteBIT Coin (WBT) $ 27.07 0.48%
aptos
Aptos (APT) $ 6.07 1.14%
mantle
Mantle (MNT) $ 1.04 0.14%
dai
Dai (DAI) $ 1.00 0.00%
internet-computer
Internet Computer (ICP) $ 7.20 0.59%
susds
sUSDS (SUSDS) $ 1.04 0.03%
bittensor
Bittensor (TAO) $ 387.27 0.36%
ethereum-classic
Ethereum Classic (ETC) $ 21.34 0.62%
okb
OKB (OKB) $ 51.56 0.00%
gatechain-token
Gate (GT) $ 23.59 2.44%
vechain
VeChain (VET) $ 0.035184 1.83%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.322609 1.35%
kaspa
Kaspa (KAS) $ 0.105967 3.89%
coinbase-wrapped-btc
Coinbase Wrapped BTC (CBBTC) $ 97,395.09 0.68%
algorand
Algorand (ALGO) $ 0.294725 0.39%
crypto-com-chain
Cronos (CRO) $ 0.0909 0.43%
jupiter-exchange-solana
Jupiter (JUP) $ 0.939492 7.85%
render-token
Render (RENDER) $ 4.71 3.88%
tokenize-xchange
Tokenize Xchange (TKX) $ 30.39 3.29%
filecoin
Filecoin (FIL) $ 3.51 2.97%
cosmos
Cosmos Hub (ATOM) $ 4.96 0.60%
arbitrum
Arbitrum (ARB) $ 0.494598 1.62%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 0.806996 3.78%
first-digital-usd
First Digital USD (FDUSD) $ 1.00 0.02%
lombard-staked-btc
Lombard Staked BTC (LBTC) $ 97,505.12 0.82%
sonic-3
Sonic (prev. FTM) (S) $ 0.550275 2.39%
fasttoken
Fasttoken (FTN) $ 3.94 0.04%
celestia
Celestia (TIA) $ 3.17 3.46%
binance-peg-weth
Binance-Peg WETH (WETH) $ 2,716.02 2.04%
lido-dao
Lido DAO (LDO) $ 1.83 7.94%
raydium
Raydium (RAY) $ 5.60 7.20%
binance-staked-sol
Binance Staked SOL (BNSOL) $ 204.93 1.09%
kelp-dao-restaked-eth
Kelp DAO Restaked ETH (RSETH) $ 2,817.52 1.56%
xdce-crowd-sale
XDC Network (XDC) $ 0.099382 5.73%
optimism
Optimism (OP) $ 1.15 2.49%
kucoin-shares
KuCoin (KCS) $ 12.25 1.23%
ethena
Ethena (ENA) $ 0.479115 6.52%
blockstack
Stacks (STX) $ 0.983238 2.56%
injective-protocol
Injective (INJ) $ 15.19 0.08%
solv-btc
Solv Protocol SolvBTC (SOLVBTC) $ 97,098.02 0.77%
bonk
Bonk (BONK) $ 0.000019 5.28%
movement
Movement (MOVE) $ 0.59415 7.95%
immutable-x
Immutable (IMX) $ 0.815561 1.88%
theta-token
Theta Network (THETA) $ 1.41 1.82%
quant-network
Quant (QNT) $ 96.08 4.85%
nexo
NEXO (NEXO) $ 1.37 3.13%
rocket-pool-eth
Rocket Pool ETH (RETH) $ 3,045.81 1.37%
the-graph
The Graph (GRT) $ 0.14205 0.87%
worldcoin-wld
Worldcoin (WLD) $ 1.29 4.67%
flare-networks
Flare (FLR) $ 0.021453 1.36%
mantle-staked-ether
Mantle Staked Ether (METH) $ 2,868.28 1.38%
usual-usd
Usual USD (USD0) $ 0.997548 0.06%
jasmycoin
JasmyCoin (JASMY) $ 0.023054 3.67%
sei-network
Sei (SEI) $ 0.241374 2.63%
gala
GALA (GALA) $ 0.024251 4.29%
dexe
DeXe (DEXE) $ 18.13 1.59%
solv-protocol-solvbtc-bbn
Solv Protocol SolvBTC.BBN (SOLVBTC.BB) $ 96,475.85 0.66%
eos
EOS (EOS) $ 0.665067 3.14%
the-sandbox
The Sandbox (SAND) $ 0.405729 2.46%
msol
Marinade Staked SOL (MSOL) $ 250.96 1.16%
floki
FLOKI (FLOKI) $ 0.000099 2.35%
tezos
Tezos (XTZ) $ 0.914855 2.05%
Scroll to Top