TechFlow news — On December 19, according to DL News, SEC Commissioner Hester Peirce expressed serious concerns over the "debanking" of crypto firms during a meeting on Wednesday. As one of the five commissioners at the U.S. Securities and Exchange Commission (SEC), Peirce—affectionately known in the industry as the "Crypto Mom"—has long maintained a relatively open stance toward the cryptocurrency sector, in stark contrast to the hardline position of SEC Chair Gary Gensler.
While reviewing the budget proposal for the Public Company Accounting Oversight Board (PCAOB), Peirce questioned the agency’s heightened scrutiny of companies that hold crypto assets or offer crypto trading services. She stated, “There are recent indications that regulators are attempting to discourage regulated entities from providing services to the crypto industry and its participants.” Despite Peirce voting against it, the other three commissioners, led by Gensler, approved the agency’s nearly $400 million budget for 2025.
In recent months, widespread reports have emerged within the crypto industry about restricted access to banking services. Venture capitalist Nic Carter labeled this trend “Operation Choke Point 2.0,” referencing a controversial anti-fraud initiative under the Obama administration targeting high-risk sectors such as gun dealers and payday lenders. The issue gained further momentum after prominent Silicon Valley investor Marc Andreessen publicly voiced his concerns, prompting more crypto executives to share similar experiences.
The matter has now drawn attention from Congress. In a December congressional hearing, Representative French Hill emphasized, “In this great country, legitimate businesses should have the freedom to access banking and financial services.”
