COINDESK DAILY: Crypto Industry Rebukes Debanking Efforts in “Chokepoint 2.0” Hearings

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4.7 • 698 Ratings

🗓️ 7 February 2025

⏱️ 3 minutes

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Summary

Host Christine Lee breaks down the latest news as the crypto industry rebukes U.S. regulators’ debanking efforts. Coinbase rebukes U.S. regulators’ debanking efforts in “Chokepoint 2.0” hearings in Washington D.C., a pair of U.S. lawmakers release a stablecoin discussion draft bill and digital asset reserve legislation advances in Utah. Plus, Van Eck predicts Solana’s SOL will hit $520 by the end of the year. CoinDesk’s Christine Lee anchors “CoinDesk Daily.” - From our sponsor: In Chinese, belief means trust. For 10 years, Consensus has united those who believe in building a new internet where everyone has value. Join us at Consensus Hong Kong February 18 - 20, 2025 where belief becomes real. Connect with global leaders, innovators, and investors shaping the future of Web3, and experience the power of collaboration at the industry's most influential event. Register now: https://go.coindesk.com/3BeigBq - This episode was hosted by Christine Lee. “CoinDesk Daily” is produced by Christine Lee and edited by Victor Chen. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Transcript

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0:00.0	Choke Point 2.0 gets its day on Capitol Hill.
0:04.0	It's Friday, February 7, 2025.
0:06.7	I'm Christine Lee.
0:07.8	This is Coiness Daily.
0:13.0	We all want to believe in something.
0:16.0	In Chinese, belief also means trust.
0:19.0	We want to trust our systems and each other so we can build a future
0:23.2	beyond what we know. Join us at Consensus Hong Kong, where belief becomes real.
0:29.3	The crypto industry is airing out the debanking crisis perpetrated during the Biden administration
0:35.4	known as choke point 2.0 in a pair of U.S. House and
0:39.3	Senate hearings in Washington, D.C. Coinbase chief legal officer Paul Grewell complained
0:44.7	about regulation by exhaustion, how regulators such as the FDIC publicly insisted they weren't
0:51.2	against crypto while privately directing banks away from the industry.
0:55.8	The hearings demonstrate the tidal shift in how federal powers are now talking more positively
1:00.7	about digital assets. The congressional scrutiny follows a dramatic recent exchange in federal
1:06.4	court over the FDIC's resistance to Coinbase efforts to reveal the agency's letters to banks
1:12.1	directing them away from cryptoactivity. Separately, in an exclusive interview with CoinDesk,
1:18.1	Joe Lubin, the CEO of Ethereum Software firm Consensus, said his company was debanked twice.
1:24.6	The most recent involved a large U.S. bank, which a source says was Wells Fargo,
1:29.1	that did its best to withstand the pressure from U.S. authorities. Fox reporting that U.S. lawmakers
1:35.5	French Hill and Brian Stile have released a Stablecoin regulation discussion draft,
1:41.2	which proposes a two-year ban on stable coins backed solely by self-issued
	...

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