This year, as lawmakers investigate allegations that national regulators purposefully compelled banks to sever financial services from crypto companies, Coinbase’s CEO, Paul Grewal, may witness before the U.S. Congress. &nbsp,

In a post on X, Grewal stated that he will testify at the monitoring reading for the @FinancialCmte oversight hearing that examines the previous clandestine and unjust campaign to ban crypto from banking. ” On behalf of Coinbase, I’m happy to help shed light on the cruel care of our economy”.

The” Operation Choke Point 2.0: The Biden Administration’s Efforts to Put Crypto in the Crosshairs” hearing comes amid industry clamoring that U. S. financial regulators, including the Federal Deposit Insurance Corporation ( FDIC ), engaged in an unofficial campaign—to limit crypto’s access to banking. &nbsp,

With the U. S.’s position on online assets shifting under President Donald Trump’s administration, the result of these hearings may shape the future of crypto’s role in the U. S. economic system.

In front of the Committee on Financial Services ‘ Subcommittee on Oversight and Investigations, Grewal may speak alongside MARA Holdings CEO Fred Thiel, WSPN CEO Austin Campbell, and Anchorage Digital CEO Nathan McCauley.

Financial and legal professionals, including Mike Ring of Old Glory Bank and Stephen Gannon of Davis Wright Tremaine LLP, will also be present. The record may also include more witnesses.

Venture bourgeois Marc Andreessen claimed on Joe Rogan’s radio that over 30 technology members, many of them crypto, had their bank accounts abruptly closed while former president Joe Biden was in office, drawing attention to the issue in November.

In response to the rising tensions between crypto companies and regulators, House Oversight Committee Chairman Rep. James Comer (R-KY ) announced a formal investigation into the alleged financial blacklisting of crypto companies under the Biden administration last month.

In a letter to crypto officials, Comer wrote that” the Committee is investigating poor debanking of individuals and entities based on political beliefs or engagement in some industries like blockchain and bitcoin.”

Unredacted records obtained by Coinbase suggest that the FDIC had advised banks to cut down on their dealing with online resource companies, raising concerns about possible regulatory intrusion.

Bitcoin leaders argue this was a government-led efforts to suppress the business, similar to the original” Operation Chokepoint” under the Obama management, which targeted industries deemed high-risk, quite as gun dealers and payday loans.

The previous Biden administration has denied any coordinated efforts to prevent banking access to crypto firms. &nbsp,

While regulatory officials, such as former SEC Chair Gary Gensler, have denied the existence of an orchestrated effort, the evidence suggests otherwise.

The Senate Banking Committee and the House Financial Services Committee will conduct the official hearing separately for February 6th.

The FDIC did not immediately respond to Decrypt’s request for comment.

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