Michaela
Texas Representative Al Green has condemned President Donald Trump for promoting a “deregulatory pro-crypto agenda” amid launching a controversial meme coin, calling for his impeachment.
During a February 6 hearing of the House Financial Services Committee’s Oversight and Investigations Subcommittee, Rep. Green questioned the narrative put forth by Republican leaders, who claimed the prior administration had targeted cryptocurrency through U.S. regulatory actions.
Rep. Al Green also addressed claims made by certain lawmakers and cryptocurrency executives regarding Operation Choke Point 2.0, which they argued was a strategy by the Biden administration to debank the industry. He dismissed these allegations, calling the program a “fake program, never initiated.”
Rep. Green clarified that under the previous administration, the Federal Deposit Insurance Corporation (FDIC) and U.S. financial regulators issued warnings to financial institutions regarding potential business relationships with crypto firms, rather than instructing them to stop providing services. This position was supported by Shayna Olesiuk, the banking policy director at Better Markets, who testified at the hearing.
Additionally, Rep. Al Green proposed that lawmakers focus on the meme coin launched by President Trump just days before his inauguration on January 20.
FDIC’s Crypto Policy Scrutinized
The hearing focused on claims made by industry executives who alleged that their access to traditional banking services was severed due to their involvement with cryptocurrency. This narrative gained traction following a Freedom of Information Act lawsuit filed by Coinbase, which revealed that the FDIC had sent letters to banks in 2022, advising them to “pause all crypto asset-related activity.”
At the hearing, Paul Grewal, Coinbase’s chief legal officer, criticized the government’s strategy, describing it as “regulation by exhaustion.” He also accused the FDIC of misleading the public by asserting that crypto firms were entitled to the same banking services as other businesses, despite sending letters of concern to financial institutions.
In a Senate hearing on February 5, Acting FDIC Chairman Travis Hill announced that the agency is reassessing its approach to cryptocurrency. He stated that the FDIC is revisiting its earlier policies, which had dissuaded banks from interacting with crypto assets.
According to an FDIC press release, the agency disclosed 175 internal documents detailing past communications with banks regarding cryptocurrency. This release followed a court order, stemming from Coinbase’s lawsuit.
On Wednesday, Rep. Green announced to the U.S. House that he would be bringing articles of impeachment against President Trump due to his proposal to take control of the Gaza Strip. The Texas Representative described the plan as a “dastardly deed,” labeling it as a form of ethnic cleansing.
Read More
- FDIC Destroyed Operation Chokepoint Docs, Says Senator Lummis
- SEC’s Peirce Calls for End to ‘Operation Chokepoint 2.0,’ Proposes New Path for Crypto
- Trump Set to Sign New Crypto De-Banking Executive Orders
Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
