The U.S. House of Representatives has launched an investigation into allegations of 'debanking' against leading crypto firms during the Biden administration. Representative James Comer, chair of the House Oversight Committee, sent letters to prominent figures in the crypto industry, including Coinbase CEO Brian Armstrong, informing them of the inquiry. This investigation concerns claims that these firms were pressured by banks to cut off services based on political affiliations or involvement in the cryptocurrency sector. The investigation follows accusations from industry leaders who assert that the government has financially targeted crypto businesses, resulting in significant operational challenges. In the letters, Comer called for those with knowledge of the alleged debanking practices to come forward. This move highlights growing concerns within the crypto community regarding regulatory pressure and the possible securitizing of access to financial services. The inquiry is seen as a pivotal moment for the industry, as it grapples with increasing scrutiny from regulators and changing political climates.

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