Congress probing crypto industry’s ‘systematic’ debanking under Biden regime
The House Committee on Oversight and Government Reform has formally requested evidence from multiple crypto firms regarding systematic denial of banking services. The letter was sent to entities including the Blockchain Association, Uniswap Labs, and Coinbase. The investigation aims to explore whether political motivations or regulatory overreach have led to the exclusion of crypto businesses from banking. High-profile examples of debanking were cited, with claims from Coinbase and Uniswap executives about abrupt service denials. The Blockchain Association noted a pattern of legal crypto businesses being denied access under the Biden administration, prompting them to launch an anonymous tipline and file FOIA requests. The committee's inquiry seeks to determine if financial institutions are acting independently or under regulatory direction. Findings could significantly impact the future of the crypto industry in the US, influencing regulatory practices and innovation. President Trump has initiated efforts to create a regulatory framework for crypto, including appointing a "crypto czar."
