The U.S. House of Representatives is launching an investigation into alleged debanking of crypto firms that purportedly occurred during the Biden administration. Rep. James Comer, chair of the House Oversight Committee, sent letters to prominent crypto executives, including Marc Andreessen and Brian Armstrong, indicating that the inquiry focuses on whether debanking was driven by political motivations against cryptocurrency and blockchain entities. For years, crypto leaders have accused the Biden administration of pressuring banks to deny services to industry players, aiming to hinder their operations. The letter references a podcast interview where Andreessen claimed numerous individuals in the crypto sector lost banking access, prompting investigations into the practices of financial institutions and regulatory bodies. Additionally, there's a spotlight on the recent unredacted correspondence from the FDIC to banks, revealing discouragements against providing crypto services. The investigation aims to shed light on the alleged pressures that have impeded the crypto industry’s access to banking services, while industry representatives express eagerness to assist in the case.

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