The post U.S. House Lawmakers Detail Grievances Over Government’s ‘Choke Point 2.0’ appeared on BitcoinEthereumNews.com.

The U.S. government was deliberately trying to hold back crypto development for years, according to a report released by U.S. Representative French Hill, who has been at the center of Congress’ push toward establishing crypto policies. The Republican chairman of the House Financial Services Committee issued a lengthy report on Monday detailing the federal government activities he contends represent a campaign to quell digital assets activity in the U.S. during the Biden administration. While the Senate still tries to work out the next big step in crypto legislation, Hill is seeking to cement the narrative that an unfriendly U.S. government ran what the industry and its Republican allies have called “Operation Choke Point 2.0.” The original “Choke Point” was a government task force meant to caution banks about legal industries that regulators — including the Federal Deposit Insurance Corp. — considered especially risky, such as payday lenders and ATM operators. A backlash against the controversial policy led some Republican regulatory appointees, especially focused on the firearms industry, to insist that banks be compelled to handle any legal businesses. With this crypto-focused iteration, Hill’s report looked at the financial sector’s systemic “debanking” of digital assets firms and their executives. “The Biden administration sought to make it nearly impossible to engage in digital asset related activities,” the report said. “To do so, it utilized a regulatory regime that provided too little certainty to financial institutions and gave too much discretion to the regulators that oversee them.” None of the report’s conclusions come as a surprise to those who’ve followed U.S. crypto oversight in recent years. It highlights the Securities and Exchange Commission’s now-abandoned preference to shape its digital assets policies with enforcement cases, and it reviews the constraints that banking agencies such as the Federal Reserve put on regulated banks engaging in…

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Filed under: News - @ December 2, 2025 4:17 am