TechFlow reported, according to Cointelegraph, that the U.S. House Committee on Oversight and Government Reform, controlled by Republican lawmakers, has sent letters to CEOs of cryptocurrency companies and associations, announcing an investigation into allegations that individuals or entities have been denied banking services due to their ties with the digital asset industry.
In a letter dated January 24 addressed to six crypto industry leaders, Chairman James Comer stated that the Oversight Committee will investigate claims that financial institutions or representatives of the U.S. government have attempted to deny certain individuals access to bank accounts.
The investigation is partly based on public statements from Hayden Adams, founder and CEO of Uniswap Labs; Brian Armstrong, CEO of Coinbase; Jesse Powell, founder of Kraken; and David Marcus, co-founder and CEO of Lightspark. The committee will seek information from the Blockchain Association and other industry leaders regarding these allegations.
Representative Comer wrote: "The Committee seeks to ensure entrepreneurs are not unfairly targeted and that all Americans can participate in U.S. markets without fear of reprisal through unlawful actions taken by financial institutions or federal regulators."
Allegations suggest that U.S. government officials, through the Federal Deposit Insurance Corporation (FDIC) or other agencies, have been responsible for pressuring financial institutions to terminate bank accounts of individuals and companies associated with the cryptocurrency industry—an effort colloquially referred to as "Operation Chokepoint 2.0." The name references a prior initiative under former President Barack Obama called "Operation Choke Point," which focused on banks dealing with payday lenders and other high-risk activities.
