Texas Representative Al Green criticized President Donald Trump during a House Financial Services Subcommittee hearing on February 6. He challenged claims from Republican leaders that the Biden administration unfairly targeted cryptocurrency, calling the term 'Operation Choke Point 2.0' a ‘fake program’ that never existed. Green argued that regulatory warnings from the Federal Deposit Insurance Corporation (FDIC) to banks regarding potential risks associated with cryptocurrency do not equate to a debanking initiative. He drew attention to Trump's memecoin venture, suggesting lawmakers should focus on it instead of the alleged regulatory overreach. The hearing was prompted by testimonies from industry executives who claimed they were denied banking services due to their connection to cryptocurrency. Coinbase's chief legal officer referred to the government’s approach as 'regulation by exhaustion', asserting that FDIC had misled the public about the banking rights of crypto firms. This session marked the first oversight meeting under the new Republican-controlled Congress, which follows a similar hearing in the Senate discussing the impact of debanking on marginalized groups.

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