Release on the final staff report
Document text
Research, not advice. Part of the Bitcoin research archive (October 2026). Claims labelled unverified, contested or fringe are reported, not endorsed; statuses of bills and rules are as of the date checked. Government, court and patent records are public domain; the research notes are CC BY 4.0.
Chairman Hill, Oversight Chair Meuser Issue Final Staff Report on Biden’s Debanking of Digital Assets | U.S. House Committee on Financial Services
Skip to Content
Search
French HillCHAIRMAN
About Us
Chairman French Hill
Committee History
Committee Members
Subcommittee Membership
Jurisdiction
GOP Leadership
Schedule
Hearings
Markups
Calendar
News
Press Releases
ICYMI
Member Corner
Contact
Email Updates
Blow the Whistle
Press Releases
Chairman Hill, Oversight Chair Meuser Issue Final Staff Report on Biden’s Debanking of Digital Assets
Share on Facebook
Share on X
Print this Page
Share by Email
Washington,
December 1, 2025
Tags:
Full Committee
,
Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence
House Committee on Financial Services Chairman French Hill (AR-02) and Oversight Subcommittee Chairman Dan Meuser (PA-09) today released a final staff report titled “Operation Choke Point 2.0: Biden’s Debanking of Digital Assets.”
Beginning in the 118th Congress, Committee Republicans have been investigating coordinated efforts by the Biden Administration to debank digital asset businesses and individuals. In the report, Republican Committee staff detail how Biden Administration regulators used vague rules, excessive discretion, informal guidance, and aggressive enforcement actions to pressure banks away from serving digital asset clients, resulting in at least 30 digital asset entities or individuals losing access to financial services.
Click here to view the debanking report.
“Targeting Americans over their political views erodes trust in the financial system and undermines the core freedoms our nation was founded on,” said Chairman Hill. “The staff report released today summarizes Committee Republicans’ work and details how the Biden Administration’s regulators worked to debank the digital asset ecosystem. Under the leadership of President Trump, we’ve ushered in a new era for digital assets and look forward to reversing the damage done by the Biden Administration to prevent unlawful debanking.”
Subcommittee Chair Meuser said “This report documents how Obama-era practices were revived and expanded under President Biden—through pause letters, informal pressure campaigns, and regulation-by-enforcement that forced U.S. companies offshore. It also highlights the early leadership of President Trump, Secretary Bessent, Vice Chair Bowman, Comptroller Gould, and Acting Chair Hill in reversing this hostility and restoring fairness and clarity to bank supervision. Now Congress must codify these protections into law so that an Operation Choke Point 3.0 can never happen.”
Financial Institutions Subcommittee Chairman Andy Barr (KY-06) added “The committee’s report makes clear that Chokepoint 2.0 - an explicit, politically motivated attack on digital assets - under the Biden Administration was real and unacceptable. I commend Chairman Hill for spotlighting this issue in this report. I’ll keep working to advance my bill that will permanently enshrine President Trump’s Executive Order protecting digital assets, Christian nonprofits, firearms manufacturers, energy producers, and other politically targeted industries from being de-banked.”
Digital Assets, Financial Technology, and Artificial Intelligence Subcommittee Chairman Bryan Steil (WI-01) stated “Today’s report confirms what has been clear for years: the Biden–Harris Administration ran a targeted campaign to debank individuals in the digital asset ecosystem who were engaged in legal business activity the administration simply did not favor. Operation Choke Point 2.0 stalled Web3 innovation, drove jobs overseas, and needlessly politicized access to the banking system. I look forward to working with Chairman Hill, Subcommittee Chairman Meuser, and our colleagues to ensure this regulatory abuse cannot happen again.”
Related News
Hill, Cotton Introduce Bill to Reduce Regulatory Burdens on Small Broker-Dealers
September 22, 2026 | Posted in Press Releases
Financial Services Advances Eight Bills
September 18, 2026 | Posted in Press Releases
House Passes Four Financial Services Bills
September 17, 2026 | Posted in Press Releases
Financial Services Reviews the State of the International Financial system
September 17, 2026 | Posted in Press Releases
Chairman Hill: The Bills Before Us Today Will Expand Opportunity, Strengthen Protections, and Increase Accountability for Consumers
September 16, 2026 | Posted in Press Releases
Subscribe
Financial Services Committee
2129 Rayburn House Office Building
Washington, DC 20515
(202) 225-7502
Contact Us
Minority Website
About Us
Chairman French Hill
Committee History
Committee Members
Subcommittee Membership
Jurisdiction
GOP Leadership
Schedule
Hearings
Markups
Calendar
News
Press Releases
ICYMI
Member Corner
Contact
Email Updates
Blow the Whistle
Contact Us
Minority Website
Back to top