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KeyTakeaways:
- Coinbase CLO Paul Grewal and industry leaders will testify in the Senate’s Operation Chokepoint 2.0 hearing.
- Lawmakers will investigate claims of regulatory overreach targeting the crypto sector, led by financial agencies.
- Anchorage Digital, MARA Holdings, and legal experts will provide insights into alleged banking restrictions on crypto.
Coinbase Chief Legal Officer Paul Grewal is set to testify in the upcoming Senate Banking Committee hearing on Operation Chokepoint 2.0. Scheduled for February 6, the hearing will examine claims that U.S. financial regulators deliberately restricted crypto firms’ access to banking services. Industry leaders, including Fred Thiel, CEO of MARA Holdings, and Nathan McCauley, CEO of Anchorage Digital will join Grewal.
The House Financial Services Committee and the Senate Banking Committee will conduct the hearings separately. At the House hearing, Grewal will appear alongside WSPN CEO Austin Campbell and MARA Holdings’ Fred Thiel.
The Senate panel will include additional industry stakeholders, such as Stephen Gannon of Davis Wright Tremaine LLP and Mike Ring of Old Glory Bank. Brookings Institution fellow Aaron Klein is also expected to participate.
Regulatory Actions Under Scrutiny
The hearings will focus on allegations that financial regulators, including the Federal Deposit Insurance Corporation (FDIC), pressured banks to sever ties with crypto companies. Documents recently uncovered by Coinbase suggest that the FDIC issued directives discouraging banks from providing financial services to crypto firms. Grewal, who led the legal effort to obtain these documents, is expected to highlight the implications of these actions in his testimony.
Anchorage Digital, a major financial services provider in the crypto industry, has reportedly faced challenges due to banking restrictions. The hearing will also address concerns from the Bitcoin mining sector, with MARA Holdings’ CEO Fred Thiel expected to discuss how regulatory actions have impacted the industry.
The investigation follows commitments from lawmakers, including Rep. French Hill, to examine the extent of regulatory intervention against the crypto industry. The hearing aligns with broader discussions on financial regulation and digital asset policies, with industry participants hoping for increased transparency and regulatory clarity.
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