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Highlights
- French Hill plans to investigate Operation Chokepoint 2.0, opposing politicized debanking.
- Hill emphasizes regulatory tailoring and optional climate stress tests to avoid unnecessary overlapping mandates.
- Industry leaders, including Charles Hoskinson, call for urgent legislation to protect crypto businesses from targeted debanking practices globally.
US Representative French Hill has outlined a plan to thoroughly investigate Operation Chokepoint 2.0, a campaign allegedly targeting industries like digital assets. Hill emphasizes regulatory fairness, transparency, and proportionate oversight, seeking to reverse politically motivated debanking practices under the current administration.
French Hill Vows To Investigate Operation Chokepoint 2.0 Debanking Practices
Rep. French Hill has publicly committed to investigating Operation Chokepoint 2.0, a campaign accused of politically targeting industries by denying them access to financial services. Hill stated that financial institutions should not terminate customer accounts without valid, material reasons, framing such actions as weaponization of government resources.
He underscored the importance of fairness and transparency in financial regulations, calling the practice detrimental to lawful businesses.
In a recent social media post, Hill condemned the continuation of these practices under the Biden-Harris administration, citing parallels to the original Operation Choke Point. He announced his intention to push for legislative scrutiny of the actions and policies of regulatory agencies to determine their adherence to legal standards. In addition, Hill expressed a strong stance on eliminating what he described as political targeting in financial oversight.
The US Congressman emphasized,
“There should be no place for politicized debanking of legal businesses in the American financial system. I plan to fully investigate “Operation Choke Point 2.0”.
Moreover, Charles Hoskinson reiterated French Hill’s call for transparency and fairness in financial regulations, emphasizing urgent legislation to protect crypto businesses from Operation Chokepoint 2.0. He urged collaborative action to prevent further economic and emotional harm to the industry.
Regulatory Tailoring and Optional Climate Stress Tests
More so, French Hill emphasized the importance of tailoring financial oversight to individual institutions as part of his broader reform plan. Hill proposed requiring federal prudential regulators to consider factors such as size, risk profile, and business model when implementing policies. This approach will prevent one-size-fits-all regulations and ensure that smaller community banks and credit unions are not unfairly burdened.
Hill also advocated for making climate stress testing optional for financial institutions. He argued that climate-related risks should be assessed within existing frameworks like credit and operational risk evaluations. This practice will eliminate the need for overlapping mandates.
Industry Leaders Join Calls for Action
Meanwhile, the remarks by French Hill align with calls from industry figures for more transparency and fairness in financial regulations. Coinbase Chief Policy Officer Faryar Shirzad recently urged enhanced public disclosure regarding regulatory actions.
However, Faryar Shirzad expressed optimism about the swift passage of pro-crypto legislation under Donald Trump’s administration. He highlighted the presence of a historically pro-crypto Congress, with Republicans controlling both the Senate and the House. Shirzad expects key bills, such as the FIT 21 Crypto Bill and the Clarity for Payment Stablecoins Act, to advance rapidly.
In Barbados, entrepreneur Gabriel Abed shared his experience of being debanked by First Citizens Caribbean Bank after a Bitcoin-related deposit. Similar cases illustrate the broader challenges facing businesses in the digital asset space. More so, Hoskinson called on the crypto industry to collaborate and advocate for laws to prevent such practices.
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