US House report: Biden administration systematically suppressed crypto industry

A report from U.S. House Financial Services Committee Chairman French Hill argues that the former Joe Biden administration systematically suppressed the cryptocurrency industry through Choke Point 2.0, a series of measures aimed at pressuring the sector by limiting its access to banking. According to CoinDesk, the document claims that major regulatory bodies, including the U.S. Securities and Exchange Commission (SEC) and the Federal Reserve, used excessive discretion and operated without clear guidelines to block crypto-related activities by both digital asset firms and banks. The report noted that this policy led to the widespread de-banking of crypto companies, criticizing the government for effectively hindering the sector's development in the United States.