A new congressional report sheds light on what some in the crypto industry believe is a systematic campaign to suppress its growth within the US financial landscape. The House Financial Services Committee alleges that regulatory agencies, under the Biden administration, engaged in a coordinated effort aimed at limiting access to banking services for cryptocurrency companies, potentially impacting innovation and consumer opportunities. This suppression strategy, dubbed ‘Operation Choke Point 2.0,’ involves discouraging banks from servicing digital asset firms through informal guidance and excessive discretion, according to the report’s findings. These actions resulted in widespread de-banking of crypto companies, hindering their operations and forcing many innovators to seek support outside of US shores.