On January 24, 2025, the US House Committee on Oversight and Government Reform initiated an investigation into claims of systematic debanking of crypto firms and individuals. The committee, led by Republican Chair James Comer, sent letters to six crypto industry leaders, including Coinbase and Uniswap Labs, seeking evidence of financial institutions denying banking services based on ties to the digital asset sector.
This inquiry is partly fueled by statements from prominent figures like Coinbase CEO Brian Armstrong and Uniswap Labs CEO Hayden Adams, who reported abrupt banking service denials. The investigation, dubbed 'Operation Chokepoint 2.0,' aims to determine whether regulatory overreach has unfairly targeted legal crypto businesses.
The Blockchain Association, representing major crypto firms, noted a troubling pattern under the Biden administration, where legitimate crypto businesses were allegedly denied banking access without clear reasons. The association has launched a tipline for affected individuals and filed multiple Freedom of Information Act requests to investigate potential regulatory interference.
Senate Banking Committee Chair Tim Scott has scheduled a hearing for February 5, 2025, to further explore these issues, emphasizing that every legal business deserves fair treatment regardless of political affiliations. The findings could significantly impact the future of the crypto industry in the US, determining whether it can thrive under equitable regulations or continue facing barriers to growth.