A second congressional committee investigates how US regulators have treated crypto businesses, with a focus on 'debanking' practices. Coinbase's chief legal officer testified about 'regulation by exhaustion', and lawmakers criticized regulators' actions as overreach and harmful to consumers.
The industry's U.S. banking crisis may be retreating as a second congressional committee sheds light on how crypto businesses have been treated by regulators.
The congressional scrutiny follows a dramatic recent exchange in federal court over the FDIC's resistance to Coinbase efforts to reveal the agency's letters to banks directing them away from crypto activity. The House hearing, led by the panel's oversight subcommittee, came directly on the heels of a Wednesday Senate Banking Committee hearing that also dug into crypto "debanking" in the U.S.
Meanwhile, the panel's Democrats flagged concerns with President Donald Trump's own crypto business efforts and pushed back on the argument that cautioning banks against ties with the volatile, fraud-ladened sector was appropriate.
Finance Politics CRYPTOCURRENCY REGULATION DEBANKING CONGRESS FDIC
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