An investigation by the U.S. House of Representatives and a hearing in the Senate will explore whether financial regulators in the Biden administration purposely denied banking services to cryptocurrency industry leaders and others, raising concerns about an abuse of power. Senate Banking Committee Chair Tim Scott has scheduled a hearing on the matter, referring to the situation as "Operation Chokepoint 2.0." The House Oversight Committee is also investigating the practice of "debanking" and questioning whether it originated from financial institutions or government regulators. While some financial institutions may have made their own decisions to limit exposure to cryptocurrency, there are concerns that regulators may have influenced these decisions. The investigation has received support from industry players such as the Blockchain Association. On the other hand, congressional Democrats are focusing on an investigation into Former President Donald Trump's launch of a meme coin called $TRUMP, raising potential conflicts of interest.



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