Republican members of the House Financial Services Committee and the House Oversight Subcommittee have released a final report on what they call "debanking of digital assets," claiming that the previous administration was responsible for cutting off access to financial services for certain cryptocurrency companies and individuals.

In a notice on Monday, House Financial Services Committee Chairman French Hill and Oversight Subcommittee Chairman Dan Meuser stated that the regulatory agencies under former President Joe Biden's administration "used vague rules, excessive discretion, informal guidance, and aggressive enforcement actions to push banks away from serving digital asset customers"—actions that many Republicans have referred to as "Choke Point 2.0."

The report concludes that, among other measures, legislative action is necessary to provide clarity for the cryptocurrency industry. Hill and Meuser stated, "Congress must enact digital asset market structure legislation," namely the CLARITY Act, along with other bills targeting the cryptocurrency industry.

The report states: "Overall, the CLARITY Act would prevent future Choke Point 3.0 by reversing the SEC's enforcement regulatory approach, allowing market participants to operate legally in the U.S. under clear rules, and clarifying that banks can participate in the digital asset ecosystem."

The Digital Asset Market Structure Act, passed by House members in July, is currently under review by the Republican-led Senate Agriculture Committee and Senate Banking Committee, both of which have released their own versions of the legislative draft. Senate Banking Committee Chairman Tim Scott stated in November that the committee plans to have the bill ready for signing into law by early 2026.

Cointelegraph reached out to senior House Financial Services Committee member Maxine Waters for comments on the report but had not received a response by the time of publication.

Many individuals associated with the cryptocurrency industry or holding digital assets have reported receiving letters from financial institutions stating that they will no longer be allowed to use their services. According to the report, "at least 30 entities and individuals engaged in digital asset-related activities" were debanked by U.S. regulators under the Biden administration.

The report claims that the measures taken by regulators to debank cryptocurrency companies or individuals include: the Federal Deposit Insurance Corporation (FDIC) sending "pause" letters to financial institutions to encourage customers to sever ties with digital assets, the Office of the Comptroller of the Currency (OCC) creating "additional red tape" for digital asset-related activities, and the U.S. Securities and Exchange Commission (SEC) employing "enforcement regulatory strategies" to target cryptocurrency companies.

Since taking office in January, the administration of U.S. President Donald Trump has reduced or eliminated regulations affecting the cryptocurrency industry through executive orders on debanking and personnel he appointed to guide activities at the Federal Reserve, FDIC, OCC, and SEC.

Related: Altcoin ETFs Approved in Bulk, Crypto Assets Officially Enter "SEC Regulatory Highway"

Original text: “Republicans Urge Action on Market Structure Bill Amid Debanking Allegations”

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