US Oversight Committee Starts Investigation on Operation Choke Point 2.0

The Blockchain Association announced today that it received a letter from the House Oversight Committee asking for information on Operation Choke Point 2.0.

The Senate Banking Committee will also conduct its own hearing in early February, further intensifying the scrutiny of federal regulators.

The Fight Against Operation Choke Point 2.0

For many leading figures in the crypto community, Operation Choke Point 2.0 was a key example of government overreach in the space.

The campaign involved federal regulators pressuring banks not to do business with crypto businesses, and documents proving its existence continue to surface. However, several regulators and financial leaders have called this a hoax.

Today, however, the federal government is taking proactive measures to stop Operation Choke Point 2.0 before it reaches its main goals.

To that end, the House Oversight Committee sent a letter to the Blockchain Association and other influential crypto companies, asking them to provide evidence of foul play:

“Today we, along with some of the most important crypto companies and investors, received a letter from the House Oversight Committee asking for information on the recent debanking of lawful companies and individuals. We’re grateful this issue is a week one priority. Getting to the bottom of this is critical for US innovation,” it claimed.

The Blockchain Association is an important group representing the industry’s political interests, and it warmly greeted this inquiry request. The organization placed a high priority on stopping Operation Choke Point 2.0, listing it as a key issue in a post-election letter to President Trump.

The Association also lobbied other legislators, and these efforts are bearing fruit. James Comer, current Chair of the House Oversight Committee, already opposed Gary Gensler’s approach to financial regulation.

The Committee’s official press release openly questioned how the SEC under Biden may have taken cues from previous administrations, suggesting that it took direct inspiration from the original Operation Choke Point.

“That’s not actually happening though – have heard this or something like it many times over the years regarding Choke point 2.0 and the debanking of people involved in crypto and politics. Guess we’ll find out just how real it is/was soon enough,” wrote analyst James Seyffart.

The House Oversight Committee is not the only institution wishing to investigate crypto debanking. The Senate Banking Committee is also conducting a hearing on the issue, directly referencing Operation Choke Point 2.0.

Between these two committees, both the House and Senate are launching complementary initiatives. All that is to say, this level of scrutiny will doubtlessly reveal useful information.

Documents concerning the original Operation Choke Point are still surfacing in 2025, but we still don’t have the full picture. The government is showing a real willingness to cooperate with the crypto industry, which presents a powerful opportunity.