Crypto Debanking Hearing Begins As Democratic Rep Denies Choke Point 2.0

The House Committee on Financial Services held a hearing today on Operation Choke Point 2.0. The FDIC’s newly-released tranche of incriminating documents was discussed at length.

Representative Alexander Green fervently denied all debanking allegations within the first five minutes, but overwhelming evidence came to light. Crypto still has vocal opponents in the US government, but their position is weakening.

Committee Hearing Begins With Hostility

The House Committee on Financial Services conducted a hearing on debanking and Operation Choke Point 2.0 today, and it serves as a reflection on US crypto policy. The fact that this hearing even exists and is broadly sympathetic is a triumph in itself.

However, old institutions die hard, and Representative Al Green began with a very critical opening statement:

“Yes, the title of this hearing is ‘Operation Choke Point 2.0: The Biden Administration’s Effort to Put Crypto in the Crosshairs.’ However, a better title for this hearing would is ‘How President Trump’s Self-Dealing Deregulation will Put Investors at Risk.’ Operation Choke Point 2.0 is a fake program never initiated by the Biden Administration,” Green said.

Green went on to tell the Committee about the failures of crypto-related banks and said these failures bore no evidence of Operation Choke Point 2.0’s existence.

Specifically, he alluded to Silvergate Bank, which collapsed in 2023 and sent cascading effects all over the industry. Green said that it had over 98% of its assets in crypto, proving that crypto is unstable.