Overview
- The House Financial Services Committee released a roughly 50-page Republican staff report that places alleged debanking practices into the congressional record, citing FDIC “pause” letters to about 24 banks and Federal Reserve non‑objection expectations along with SEC guidance such as SAB 121.
- The report says at least 30 digital‑asset entities and individuals lost banking access from 2022 to 2024, with some facing account closures on 24–72 hours’ notice that disrupted payroll and basic operations.
- Examples in the document include Anchorage Digital’s 20% workforce reduction after losing a key account, and references to Coinbase, Marathon Digital, and executives Hayden Adams, Brad Garlinghouse, and Tyler Winklevoss as having been debanked at various times.
- According to the coverage, the Trump administration has since reversed several cited measures by rescinding SAB 121, withdrawing Federal Reserve pre‑approval letters for crypto activities, and removing “reputational risk” from bank supervision, while signing the GENIUS Act to set a federal framework for payment stablecoins.
- Committee Republicans call for legislation, highlighting the House‑passed CLARITY Act awaiting Senate consideration and proposals to prohibit use of reputational risk in supervision and to reform the CAMELS rating system.