Representative James Comer is currently investigating allegations of debanking against cryptocurrency firms under the Biden administration. The aim is to protect entrepreneurs from unfair targeting and ensure their participation in U.S. markets without fear of retaliation from financial institutions or regulators.
Comer has reached out to six industry leaders, such as Coinbase CEO Brian Armstrong and Uniswap Labs CEO Hayden Adams, to gather insights on debanking experiences, affecting around thirty cryptocurrency banks during the Biden administration.
While Bank of America and JPMorgan Chase have refuted allegations of politically motivated debanking, citing compliance with regulations, industry leaders argue that financial regulators have coerced banks into cutting off services to conservative-aligned businesses.
The Senate Banking Committee is scheduled to conduct a hearing on February 15 to delve into the debanking issue, bolstered by bipartisan support from leaders such as Senator Tim Scott. Scott has highlighted concerns about the treatment of lawful businesses based on political affiliations.