The House Committee on Oversight and Government Reform has issued a formal letter to multiple crypto firms and organizations, requesting evidence and accounts of instances where crypto firms and individuals have been systematically denied access to banking services.

The letter was addressed to several entities, including the Blockchain Association, Uniswap Labs, Coinbase, Payward, AH Capital Management, and Lightspark.

The Blockchain Association, representing some of the largest crypto firms and investors, confirmed that it had received the letter on Jan. 24. The organization praised Representative James Comer’s leadership and stressed the urgency of addressing this issue.

The investigation is part of the Oversight Committee’s broader inquiry into whether political motivations or regulatory overreach have systematically excluded crypto businesses from essential banking services. 

The committee’s letter cites several high-profile examples of debanking, including statements from Coinbase CEO Brian Armstrong and Uniswap Labs CEO Hayden Adams, who claimed their companies were abruptly denied banking services without explanation.

Emerging pattern

According to the Blockchain Association, a clear pattern emerged under the Biden administration in which legal crypto businesses were denied banking access for vague or undisclosed reasons. It argued that these actions stifled innovation and forced many companies to relocate or operate under uncertain conditions. 

In response, the association launched an anonymous tipline for individuals affected by debanking and filed multiple Freedom of Information Act (FOIA) requests to investigate possible regulatory interference.

The committee’s letter references former President Barack Obama’s administration and its alleged Operation Chokepoint, which targeted high-risk industries by restricting their access to financial services.

On Jan. 10, Federal Deposit Insurance Corporation (FDIC) interim Chair Travis H

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Author: Gino Matos