"Crypto Showdown: Biden's 'Choke Point 2.0' Denied, FDIC Docs Exposed"

The House Committee on Financial Services held a hearing today on Operation Choke Point 2.0, focusing on the Biden administration's alleged efforts to target the crypto industry. The hearing comes as the FDIC released a tranche of incriminating documents, which were discussed at length.

Representative Alexander Green, a Democrat, swiftly denied all debanking allegations within the first five minutes of the hearing. However, overwhelming evidence was presented, indicating that vocal crypto opponents still exist within the US government, but their position appears to be weakening.

The hearing began with a critical opening statement from Representative Al Green, who accused the Trump administration of self-dealing deregulation that put investors at risk. He also dismissed Operation Choke Point 2.0 as a fake program never initiated by the Biden administration.

Green went on to discuss the failures of crypto-related banks, such as Silvergate Bank, which collapsed in 2023. He argued that these failures bore no evidence of Operation Choke Point 2.0's existence and attributed them to the instability of crypto.

However, journalist Eleanor Terrett pointed out that Silvergate did not fall on its own. The bank faced repeated attacks from industry opponents like Senator Elizabeth Warren and had a 15% cap on crypto-related bank deposits imposed upon it. After this, continued business became untenable, and the bank voluntarily liquidated.

Terrett also noted the irony of Representatives Rashida Tlaib and Nikema Williams expressing concern about their constituents being debanked or lacking access to basic financial services at a hearing about crypto, which was created to solve those very problems.

Despite the hostile tone set by Representative Green's comments, the facts quickly came to light. The Committee's first witness was Austin Campbell, Acting CEO of WSPN, who presented proof of Operation Choke Point 2.0. He referred to the FDIC, which released a tranche of 175 relevant and incriminating documents yesterday.

Paul Grewal, Chief Legal Officer at Coinbase, was the next witness. He notified the community that he would testify and shared his own experience with Operation Choke Point 2.0, based on his years of advocating for Coinbase. He also discussed the exchange's campaign to expose incriminating FDIC documents.

Grewal's testimony focused on his fight to expose attacks on the entire industry,