House Report Alleges Biden Administration’s Crypto Regulations Stifle Industry

A new congressional report accuses the Biden administration of hindering the U.S. cryptocurrency industry through ambiguous regulations, leading to banking disruptions for crypto firms and reduced institutional participation in the market. According to Representative French Hill’s report, over 30 companies have lost their banking relationships due to unclear guidelines from regulators, prompting banks to limit their dealings with digital asset businesses out of fear of potential regulatory scrutiny.