Lawmakers are investigating claims that government regulators have pressured banks to sever ties with cryptocurrency businesses, Representative French Hill, R-Ark., announced during a House Financial Services Committee hearing. This bipartisan initiative reflects growing concerns about the alleged exclusion of legal crypto firms from traditional banking.
At the hearing, Hill vowed to prioritize the probe, emphasizing that Congress lacks “patience” for regulators sidelining legitimate industries. Crypto executives testified to sudden account closures and other banking hurdles, citing regulators’ alleged informal directives to avoid a paper trail.
Denelle Dixon, CEO of the Stellar Development Foundation, shared that her nonprofit was forced to approach multiple banks after one abruptly ended their six-year relationship without explanation. Similarly, Nathan McCauley, CEO of Anchorage Digital Bank, reported being dropped by a banking provider following a joint federal statement highlighting risks associated with crypto in early 2023.
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