U.S. House Lawmakers Detail Grievances Over Government's 'Choke Point 2.0'

House Financial Services Committee Chairman French Hill released a report detailing federal government activities under the Biden administration that he contends were a campaign to suppress digital assets activity, labeling it "Operation Choke Point 2.0." The report argues the administration created regulatory uncertainty, giving regulators too much discretion and making it nearly impossible to engage in digital asset activities. This iteration of "Choke Point" focused on the systemic "debanking" of digital assets firms, contrasting with the original policy that targeted industries like payday lenders. The document criticized banking agencies for characterizing the crypto ecosystem as inherently risky and failing to establish a clear regulatory regime. The report notes that since the Trump administration took over, financial regulators have rescinded many Biden-era guidance letters that fostered this debanking trend.

(Source：CoinDesk)