The US House Financial Services Committee's Republican members are requesting transparency concerning the debanking of several cryptocurrency businesses.
US Republicans on Financial Services Committee Seeks Transparency on Crypto Debanks
The US House Financial Services Committee's Republican members are requesting transparency concerning the debanking of several cryptocurrency businesses. The lawmakers have sent a letter to the Acting Comptroller of the Currency, stating that they are seeking documents and information that could demonstrate whether there has been regulatory pressure to debank these companies.
This move comes in response to concerns that the debanking of certain crypto businesses could be due to government pressure, ultimately hindering innovation in the rapidly growing industry. The letter calls for any communication or records relating to crypto debanking actions that the Office of the Comptroller of the Currency (OCC) may have in its possession, including any potential guidance or directions given to financial institutions.
The House Financial Services Committee's Republican members are urging for a thorough investigation in order to preserve the principles of a free market and to prevent unjust interference with the cryptocurrency industry. The lawmakers argue that fostering innovation and supporting the growth of the US financial technology sector is crucial for maintaining the country's position as a global leader in the financial arena.
