Congress Investigates Allegations of Debanking in the Crypto Industry – BitRss

The United States House of Representatives Committee on Oversight and Government Reform has initiated an investigation into claims that major players in the cryptocurrency industry have had their bank accounts closed. The committee’s objective is to ensure that American citizens can participate in U.S. markets without fear of negative consequences from financial institutions or regulators.

Background of the Allegations

In a letter sent to Uniswap Labs CEO Hayden Adams, Marc Andreessen of Andreessen Horowitz, Brian Armstrong of Coinbase, David Marcus from Lightspark, Kraken CEO Dave Ripley, and Kristin Smith of the Blockchain Association, the committee expressed its determination to protect citizens’ access to the financial system.

Views of Industry Leaders

Marc Andreessen mentioned in a 2024 interview that over 30 founders have had their accounts closed by banks due to political targeting over the past four years.

“Warren and Gensler have attempted to illegally destroy our industry, significantly affecting Democrats’ election outcomes. The Democratic Party must recognize Warren as a liability and distance themselves if they hope for restructuring…”

Bri…