Officially, the U.S. House of Representatives has launched an investigation into whether crypto companies were secretly stealing money. “debanked” Biden’s administration
Rep. James Comer(R-KY), Chair of the House Oversight Committee told numerous business owners and lobbyists on Friday that the investigation is underway.
“The Committee… is investigating improper debanking of individuals and entities based on political viewpoints or involvement in certain industries such as cryptocurrency and blockchain,” In a letter he sent to Marc Andreessen (co-founder of Andreessen Horowitz), Brian Armstrong (CEO of Coinbase), Hayden Adams (founder Uniswap), and others, Comer explained the situation.
Top crypto executives claim that the administration of former President Joe Biden has been pressuring U.S. Banks to deny services to them, to restrict their industry’s functioning.
Though numerous Biden officials—including former SEC head Gary Gensler—denied any involvement in such a plot, dubbed “Operation Choke Point 2.0,” Recently disclosed correspondences of the FDIC with member banks appear to be a good indication that there is a problem. Coordinated Push To freeze adoption of cryptocurrency in the American banking system.
Andreessen claimed in November that he had direct knowledge of more than 30 tech foundersMany of them work in the crypto industry, and suddenly, they lost their access to banking during Biden’s tenure in office.
Friday’s letter explicitly mentioned that interview, asking Andreessen—and others with similar knowledge—to come forward with specific details about this alleged debanking.
Melania Trump, as well as other Trump family members are linked in the letter to what is perceived to be economic persecution. According to the letter, she claimed in her most recent autobiography (which is quoted) that her and her son Barron had also been debanked under the Biden regime.
“These examples are startling, and the Committee is investigating whether this debanking practice originates from the financial institutions themselves or from either implicit or explicit pressure from government regulators,” Chair Comer wrote.
The crypto leaders are already excited about cooperating with the investigation.
“Lawful crypto organizations and individuals need bank accounts to pay rent, pay taxes, and pay employees—denying them these basic financial services is wrong and should never happen in the United States of America,” Kristin Smith said that in a shared statement with Cryptolobbying Group, the Blockchain Association. Decrypt. “We’re eager to get to the bottom of this and end this unlawful practice once and for all.”
Donald Trump’s return this week to the White House has already caused a significant shift in federal government policy on crypto.
On Thursday, President Obama signed sweeping cryptography legislation. Executive Order This could pave the path for a government-controlled crypto reserve. Hours later, the newly Republican-controlled SEC SAB 121 rescindedThe rule discouraged U.S. banking institutions from holding any crypto.
In recent weeks, even employees from federal agencies that are accused of taking part in Operation Choke Point 2.0 became more vocal. Travis Hill, vice chair of the FDIC called into a radio show earlier this month. The following are some words that will help you to understand the speech The regulator needs to rethink its digital asset approach “put an end to any and all Choke Point-like tactics.”
Andrew Hayward edited the book