This week, Paul Grewal, Coinbase’s Chief Legal Officer, will testify before the U.S. Congress.
The hearing will focus on allegations that federal regulators pressured banks to cut ties with cryptocurrency firms.
I’m testifying at the @FinancialCmte’s oversight hearing looking into the past clandestine and undemocratic campaign to cut off crypto from banking. On behalf of @Coinbase, I’m proud to help shed light on the unfair treatment of our industry and thank @FinancialCmte and… pic.twitter.com/TDIVu1cdW1
— paulgrewal.eth (@iampaulgrewal) February 3, 2025
A hearing titled “Operation Choke Point 2.0: The Biden Administration’s Efforts to Put Crypto in the Crosshairs,” is set to address concerns over U.S. financial regulators’ efforts to restrict cryptocurrency access to banking services. This has followed a shift in the U.S. stance on digital assets since the Trump administration. Grewal will testify alongside key industry figures, like MARA Holdings CEO Fred Thiel and Anchorage Digital CEO Nathan McCauley, before the Subcommittee on Oversight and Investigations. The hearing will also include input from financial and legal experts such as Stephen Gannon and Mike Ring.
In November, venture capitalist Marc Andreessen claimed that over 30 tech founders, mainly from the crypto sector, had their bank accounts closed during the Biden administration. This prompted House Oversight Committee Chair Rep. James Comer (R-KY) to launch a formal investigation into the alleged financial blacklisting of crypto companies. Comer highlighted concerns about the improper debanking of individuals and entities based on political views or involvement in cryptocurrency and blockchain industries.
Coinbase’s unredacted documents indicate that the FDIC directed banks to lessen their exposure to digital asset firms, raising concerns about regulatory overreach. Despite denials from regulatory officials like former SEC Chair Gary Gensler regarding a coordinated effort, evidence suggests otherwise. An official U.S. crypto regulation hearing is scheduled for February 6, involving both the Senate Banking Committee and the House Financial Services Committee.
Notably, Coinbase has expanded its Global Advisory Council with four key figures: Kyrsten Sinema, a former U.S. Senator focused on modernizing the financial system; political strategist Chris LaCivita promoting a pro-crypto stance; Bill Dudley, ex-president of the Federal Reserve Bank of New York, addressing the safe integration of crypto into finance; and Luis Alberto Moreno, former president of the Inter-American Development Bank, highlighting crypto’s role in global economic freedom.
If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
