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U.S. House Oversight Committee, Led by James Comer, Probes Debanking Claims Against Major Crypto Firms

Jan 24, 2025, 05:49 PM

The U.S. House Oversight Committee, led by Chairman James Comer, has initiated an investigation into allegations of 'debanking' within the tech and cryptocurrency sectors. The committee has sent letters to major crypto firms including Uniswap, Coinbase, Andreessen Horowitz, Lightspark, and Kraken, requesting information on instances where individuals and businesses have been denied banking services due to their involvement in cryptocurrency and blockchain technology. The investigation aims to understand whether these actions stem from independent decisions by financial institutions or from government overreach. The committee's efforts are supported by several members of Congress, including Rep. French Hill, Sen. Tim Scott, and Sen. Cynthia Lummis, as well as FDIC Vice Chair Travis Hill. Industry leaders have expressed concerns over the practice of debanking, which they argue unfairly targets businesses and individuals in the crypto space. The investigation also references a case involving First Lady Melania Trump, who claimed her bank account was terminated due to political discrimination. Some industry insiders have suggested that the investigation might build a case against SEC Chair Gary Gensler and Sen. Elizabeth Warren, who have been critical of the crypto industry.