The U.S. House Committee on Financial Services published a final staff report titled “Operation Choke Point 2.0: Biden’s Debanking of Digital Assets,” setting out Republican staff conclusions from an investigation into alleged coordinated efforts by Biden Administration regulators to cut off banking access for digital asset businesses and individuals. The report argues that regulators pressured banks away from serving digital asset clients, resulting in at least 30 digital asset entities or individuals losing access to financial services. According to the report, this pressure was applied through vague rules, excessive discretion, informal guidance, and aggressive enforcement actions, including “pause letters” and informal pressure campaigns described as regulation-by-enforcement. Committee leaders also framed the alleged approach as politically motivated and said it contributed to U.S. companies being forced offshore. Chairman French Hill and subcommittee chairs called for Congress to codify protections to prevent similar debanking campaigns, including through legislation referenced by Financial Institutions Subcommittee Chairman Andy Barr to permanently enshrine President Trump’s executive order protections for digital assets and other industries.
U.S. Financial Services Committee 2025-12-01
U.S. House Committee on Financial Services releases final Operation Choke Point 2.0 staff report alleging debanking of at least 30 digital asset clients
The U.S. House Committee on Financial Services released a report titled “Operation Choke Point 2.0: Biden’s Debanking of Digital Assets,” alleging that Biden Administration regulators pressured banks to sever ties with digital asset businesses, affecting at least 30 entities. The report claims this was done through vague rules, informal guidance, and aggressive enforcement, with political motivations cited. Committee leaders urged Congress to legislate protections against such practices, referencing potential legislation to enshrine previous executive order protections.