Crypto industry leaders are giving testimony on Capitol Hill about the challenges they face with 'debanking', the practice of financial institutions severing ties with crypto companies. CEO of Anchorage Digital, Nathan McCauley, shared his company's experience of abruptly losing banking services with no explanation. He and other industry leaders argue this is a coordinated effort by regulators during the Biden administration to pressure banks into cutting ties with crypto, similar to the Obama administration's targeting of banks supporting gun manufacturers and payday lenders. Republicans in Congress are investigating these claims and providing a platform for crypto companies to voice their concerns.
Crypto industry leaders have been testifying on Capitol Hill about the industry's struggle with debanking during the Biden administration."We had a bank that we had a growing relationship with for a number of years, who basically on a dime, decided to turn off our bank account," Nathan McCauley, CEO of Anchorage Digital, told lawmakers this month.
For crypto industry leaders like McCauley, Republican leadership in Washington has provided a platform to publicly air their grievances. Coinbase Chief Legal Officer Paul Grewal testified before the House Financial Services Committee on Feb. 6, along with Fred Thiel, CEO of bitcoin miner"No one wants to see anyone denied basic banking services on the basis of their political views or whether they happen to work in an industry that might be out of favor with the current administration," Grewal told CNBC.
While the crypto industry at large is rallying around that message, many in Congress are focused on making the case that banks were targeting conservatives for their political views. Carter said lawmakers are trying to reach a wider audience because"most regular folks don't care about crypto."
Technology CRYPTOCURRENCY DEBANKING REGULATION CONGRESS FINANCIAL INSTITUTIONS
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