SEC Commissioner Peirce expresses concern over the issue of crypto companies facing banking service restrictions in "Dear Encryption"

U.S. Securities and Exchange Commission (SEC) Commissioner Hester Peirce expressed serious concern about the "debanking" issue of crypto companies at a meeting on Wednesday. As one of the five commissioners of the SEC, Peirce, affectionately known as "Crypto Mom" in the industry, has always held a relatively open attitude towards the crypto industry, in stark contrast to SEC Chairman Gary Gensler's hardline stance. While reviewing the budget for Public Company Accounting Oversight Board (PCAOB), Peirce questioned its special attention to businesses holding crypto assets or providing crypto trading services. She pointed out: "Recent signs indicate that regulators are trying to discourage regulated entities from providing services to the cryptocurrency industry and its participants." Despite Peirce's vote against it, three other commissioners led by Gensler still approved nearly $400 million budget for PCAOB for 2025. Recently, there have been widespread reports within the cryptocurrency sector about restrictions on banking services. Venture capitalist Nic Carter referred this as “Operation Choke Point 2.0,” alluding to anti-fraud policies targeting high-risk industries such as gun dealers and payday lenders during Obama’s presidency. The public statement made by renowned Silicon Valley investor Marc Andreessen triggered a chain reaction prompting more executives from cryptocurrency firms sharing similar experiences.This issue has attracted congressional attention.Representative French Hill emphasized at a congressional hearing in December: "In this great country, legitimate businesses should enjoy freedom of banking and financial services."