Lawmakers Probe Alleged Crypto De-Banking, Highlight Future Tech Policies

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Lawmakers likened the situation to past regulatory efforts under the Obama administration that targeted industries like firearms and payday lending, a controversy underscored by a damning paper trail. Hill voiced concerns that spoken guidance from regulators might intentionally bypass documentation, complicating accountability.

While the hearing also touched on technology’s role in financial innovation, including AI guardrails and data privacy, much of the focus was on crypto. Lawmakers celebrated retiring Chair Patrick McHenry, R-N.C., for his bipartisan leadership and commitment to advancing cryptocurrency legislation.

This investigation signals a robust congressional effort to safeguard fair access to banking for emerging financial technologies while balancing regulatory oversight.