Meuser: The Biden Administration's Operation Choke Point 2.0 ... (hearing release)
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Meuser: The Biden Administration's Operation Choke Point 2.0 Was Carried Out by The Prudential Regulators to Target and Debank the Digital Asset Ecosystem | U.S. House Committee on Financial Services
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Meuser: The Biden Administration's Operation Choke Point 2.0 Was Carried Out by The Prudential Regulators to Target and Debank the Digital Asset Ecosystem
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Washington,
February 6, 2025
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Subcommittee on Oversight and Investigations
Today, the House Financial Services Committee is holding an Oversight and Investigations Subcommittee hearing, led by Subcommittee Chairman Dan Meuser (PA-09), to examine the negative effects of the Biden Administration's Operation Choke Point 2.0 and hear testimony by those affected and experts in the digital assets ecosystem to understand the depths of the problem and measures necessary to fix it.
Read Subcommittee Chairman Meuser’s opening remarks as prepared for delivery:
"Today’s hearing is entitled, “Operation Choke Point 2.0: The Biden Administration’s effort to put Crypto in the Crosshairs.” I’d like to thank the witnesses for appearing before the Committee today to share their experience and expertise on this issue.
"The Biden Administration’s Operation Choke Point 2.0 was carried out by the prudential regulators to target and debank the digital asset ecosystem.
"The FDIC used offline conversations and threats of formal supervisory actions to pressure banks to deny service to digital asset firms, their employees, and even their customers.
"This is a serious abuse of regulatory power. Unfortunately, you would be wrong to assume that this is the first attempt to debank an entire industry.
"Beginning in 2013, Obama’s Department of Justice enlisted bank regulators in the first iteration of Operation Choke Point. Obama’s Operation Choke Point targeted gun manufacturers, payday loan companies, our energy industry, and other businesses in legal industries that were “disfavored” by the Obama Administration.
"Their plan was straightforward – use the prudential regulators’ authority to threaten supervisory action against banks who chose to provide services to these industries.
"After that, the bank has an ultimatum – continue to bank these customers under the looming threat of scrutiny or comply with the regulators’ demands and remove that line of business from their books.
"The Biden Administration broke out the same playbook. This time their target was the digital asset ecosystem. 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.
"This was a serious overreach, one that not only undermined innovation, but directly harmed consumers by restricting their access to new and beneficial financial products.
"Acting FDIC Chairman Travis Hill just yesterday exposed Biden’s Choke Point activities that debanked crypto firms across the country.
"He said:
'Requests from… banks were almost universally met with resistance... Both individually and collectively, these and other actions sent the message to banks that it would be extraordinarily difficult—if not impossible—to move forward. As a result, the vast majority of banks simply stopped trying [to do business with crypto companies].'
"However the FDIC promised to correct course moving forward, and I will continue to conduct oversight on their progress and determine legislative solutions to make sure this does not happen again.
"Access to capital and banking services are critical to the success of American businesses – and that’s why I’m looking forward to hearing from our witnesses today about how the regulators have been choking out crypto and to discuss solutions to make sure it permanently stops.
"The free market thrives when innovation is allowed to flourish. Regulators have a duty to protect our financial system – but not at the expense of legitimate businesses like energy and crypto companies."
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