On December 1, House Financial Services Committee Chairman French Hill (R-AR) and Oversight Subcommittee Chairman Dan Meuser (R-PA) released a final staff report detailing findings from a Republican-led investigation into federal regulatory actions affecting digital asset businesses. The report, titled “Operation Choke Point 2.0: Biden’s Debanking of Digital Assets,” alleged that Biden administration regulators used informal guidance, broad discretion, and enforcement actions to pressure banks to limit or terminate services to digital asset firms and individuals. According to the report, these regulatory actions resulted in at least 30 digital asset entities or individuals losing access to financial services. The report also highlighted recent actions by federal agencies under the Trump administration to rescind or revise prior guidance and rules, as well as discusses legislative proposals to codify protections against politically motivated debanking.

In response, Comptroller of the Currency Jonathan Gould stated the findings confirm concerns about regulatory discouragement of bank engagement with digital assets and noted that the OCC is investigating the role of large banks in debanking digital asset customers.