House GOP Report Exposes Biden Administration’s ’Operation Chokepoint 2.0’ Targeting Crypto Firms

Republican lawmakers have uncovered a systematic campaign by U.S. financial regulators to exclude cryptocurrency businesses from the banking system. At least 30 digital asset firms lost access to banking services through what investigators describe as coordinated pressure tactics.

The House Financial Services Committee report reveals regulators employed vague rules, informal guidance, and enforcement actions to discourage banks from serving crypto clients. "This erosion of financial access based on political considerations undermines foundational American freedoms," said Chairman Patrick McHenry, framing the findings as part of a broader pattern of regulatory overreach.

The investigation highlights growing tensions between innovation-focused legislators and an administration perceived as hostile to digital assets. With former President TRUMP signing the GENIUS Act and potentially approving the CLARITY Act, the political battle over crypto's financial infrastructure appears poised to intensify.