The U.S. House Financial Services Committee announced that its Oversight and Investigations Subcommittee, chaired by Rep. Dan Meuser, is holding a hearing to examine the alleged effects of “Operation Choke Point 2.0” on the digital asset ecosystem and to hear testimony from affected parties and experts. Meuser’s prepared opening remarks frame the hearing around claims that prudential regulators pressured banks to cut off banking access for digital asset firms. In the remarks, Meuser alleged that the Federal Deposit Insurance Corporation used informal conversations and threats of formal supervisory actions to push banks to deny services to digital asset firms, their employees, and customers, including through interpretive regulatory letters, the prospect of negative examination ratings, and fines. He compared the alleged approach to the 2013 “Operation Choke Point,” which he said targeted other lawful but “disfavored” industries, and cited Acting FDIC Chairman Travis Hill’s comments that banks’ crypto-related requests were “almost universally met with resistance,” contributing to most banks abandoning efforts to do business with crypto companies. Meuser stated that the FDIC has promised to correct course and that the subcommittee will continue oversight and consider legislative solutions intended to prevent similar debanking practices.
U.S. Financial Services Committee 2025-02-06
U.S. House Financial Services Committee holds hearing on alleged regulator-driven debanking of digital asset firms
The U.S. House Financial Services Committee's Oversight and Investigations Subcommittee, led by Rep. Dan Meuser, is holding a hearing on the alleged impact of "Operation Choke Point 2.0" on the digital asset ecosystem. Meuser claims the FDIC pressured banks to deny services to digital asset firms through informal conversations and threats. The FDIC has pledged to address these concerns, and the subcommittee will explore legislative solutions to prevent similar practices.