In a recent Senate Banking Committee hearing on debanking, Senator Elizabeth Warren notably refrained from discussing cryptocurrencies, instead focusing on the effects of debanking on marginalized communities. Warren criticized the practices of banks that allegedly deny services based on unjust criteria, stating that no one should be excluded from the banking system due to their beliefs or circumstances. Anchorage Digital's CEO, Nathan McCauley, testified about his conversations with crypto leaders who shared experiences of being debanked, linking these actions to 'Operation Chokepoint 2.0.' In contrast, the committee's chair, Tim Scott, and other Republican senators pushed for inquiries into possible governmental overreach that led to banks halting services for crypto firms, referencing a lawsuit by Coinbase highlighting the Federal Deposit Insurance Corporation's (FDIC) requests to suspend crypto banking activities. A follow-up hearing is scheduled for February 6, featuring testimonies from industry leaders, including Coinbase's chief legal officer.

Source đź”—