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

Feb 7, 2025
The crypto industry stands united against U.S. regulators' debanking initiatives in recent congressional hearings. Key lawmakers propose a new stablecoin regulation draft, stirring excitement in the market. Meanwhile, Van Eck forecasts a bullish outlook for Solana, predicting its value may reach $520 by year-end. As discussions on crypto regulations heat up, the future of digital assets hangs in the balance.
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ANECDOTE

Coinbase and Debanking

  • Coinbase's Chief Legal Officer, Paul Grewal, discussed "regulation by exhaustion."
  • Regulators publicly opposed crypto while privately directing banks away from it.
ANECDOTE

ConsenSys Debanked

  • ConsenSys CEO Joe Lubin revealed the company was debanked twice.
  • One instance involved a major U.S. bank, reportedly Wells Fargo.
INSIGHT

Stablecoin Regulation Draft

  • Lawmakers French Hill and Brian Stile proposed a two-year ban on certain stablecoins.
  • The ban targets stablecoins backed solely by self-issued digital assets.
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