The chief lawyer of U.S. crypto exchange Coinbase (COIN) testified about the abuse of authority from regulators who erected barriers between banks and crypto firms in a hearing of the House Financial Services Committee on Thursday, marking the latest advance in the digital assets industry’s reversal of policy resistance in Washington.

Coinbase Chief Legal Officer Paul Grewal’s complaints about “regulation by exhaustion” were met with wide agreement from Republican lawmakers eager to criticize the Biden administration’s crypto performance. The lawmakers also agreed with Grewal’s view that financial regulators such as the FDIC publicly insisted that they weren’t against crypto while privately directing banks away from the industry.

The House hearing, led by the panel’s oversight subcommittee, came directly on the heels of a Wednesday Senate Banking Committee hearing that also dug into crypto “debanking” in the U.S.

“Biden regulators resorted to vague, interpretive regulatory letters threatening banks with negative examination scores and fines if they continue their partnership with digital asset companies,” said Representative Dan Meuser, a Pennsylvania Republican who leads the House subcommittee. “This is serious overreach, one

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Author: Jesse Hamilton

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