The lessons learned at Operation Chokepoint 2.0 congressional hearings

During the Operation Chokepoint 2.0 hearings, Republicans accused the Biden administration of pressuring banks to deny services to crypto firms, labeling it as systemic bullying. Meanwhile, Democrats disputed the existence of such an initiative, calling for clearer bank regulations.

Witnesses testified to the harmful effects of regulatory pressures on crypto companies, affirming the necessity for transparent banking guidance. Both parties ultimately agreed that better regulatory frameworks are essential to avoid similar situations in the future.