America's top banking executives, including JPMorgan Chase's Jamie Dimon and Bank of America's Brian Moynihan, are meeting with senators to discuss the issue of debanking, the closure of accounts tied to cryptocurrency, firearms, and other industries. Last week, explosive Senate hearings revealed that businesses were losing access to financial services without warning, particularly in the crypto sector. While banks like Bank of America and JPMorgan have denied political bias in their account closures, the data suggests otherwise. Regulators, including Federal Reserve Chair Jerome Powell and the FDIC, are now under scrutiny for their role in the crisis. Powell admitted to being troubled by the reports of debanking and revealed that the Fed is reviewing its own policies. The FDIC, in particular, was revealed to have created an environment where banks felt crypto was unwelcome. The agency is now working to develop a new regulatory framework that allows banks to engage with digital assets while maintaining stability.



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