The U.S. government is conducting a major investigation into allegations that cryptocurrency companies were "shut out" by banks during the administration of President #JoeBiden . This is a crucial step to clarify moves that are believed to limit the growth of the cryptocurrency industry.
1. The Official Investigation Begins
Last Friday, the Chairman of the U.S. House Oversight Committee, James Comer, sent letters to several leaders in the crypto industry, including Marc Andreessen (Andreessen Horowitz), Brian Armstrong (CEO of Coinbase), and Hayden Adams (founder of Uniswap), requesting information on companies being denied services by banks.
In the letter, Mr. Comer emphasized: “We are investigating the instances where individuals and organizations have been denied banking services solely due to political views or in relation to cryptocurrency.”
2. Allegations of "Choke Point 2.0"
Many crypto leaders have accused the Biden administration of secretly pressuring banks to deny services to cryptocurrency companies. This campaign, termed "Operation Choke Point 2.0," is said to aim at undermining the industry by financially isolating it.
Although officials from the administration, including former SEC Chairman Gary Gensler, deny these allegations, recent documents from #FDIC (Federal Deposit Insurance Corporation) reveal evidence of coordination between banks and regulators aimed at limiting crypto.
3. Typical Cases
Marc Andreessen, in an interview, stated that over 30 tech founders, including many from the crypto industry, had lost access to banking services unusually during this period.
Moreover, Mr. Comer’s letter also referenced the case of former First Lady Melania Trump and her son Barron Trump being denied banking services. These are seen as prominent examples of the "economic war" targeting individuals and organizations that do not align with the administration's views.
4. The Crypto Community Eager to Collaborate
Kristin Smith, CEO of the Blockchain Association, asserted: “Organizations and individuals operating legally in the crypto space need bank accounts to pay rent, taxes, and employee salaries. Denying these basic services is unacceptable.”
5. The New Shift After Donald Trump's Return
President Donald Trump, upon returning to the White House, has made significant moves regarding the crypto industry. Last week, he signed an executive order aimed at establishing a strategic crypto reserve plan for the government and eliminating regulations that hinder banks from holding crypto.
Additionally, senior officials from the FDIC have also called for an end to tactics similar to "Choke Point" and proposed a more open approach to digital assets.
Conclusion
The investigation into "Operation Choke Point 2.0" could change how the U.S. government regulates cryptocurrency, while paving the way for a more transparent development of the industry. This is not just a financial battle but also a matter of business freedom and technological innovation.
Note: The cryptocurrency industry still poses many risks. Please do thorough research before investing!
