Crypto News: US Congress Will Act Soon as Banks Isolate Binance

Crypto News: The U.S. is being heavily criticized for its handling of the crypto industry, due to recent regulatory actions. Industry insiders fear that the US may lose its chance to become a financial hub with crypto assets. However, the U.S. Securities and Exchange Commission recently placed restrictions on Kraken’s crypto staking service. This was done by the US regulators to warn the crypto market. Due to the hostile environment, crypto exchanges such as Binance have difficulty finding a partner bank in the US.
Also read: The SEC Approves this U.S. Exchange’s Custody Service, While Coinbase’s Remain Uncertain


Senator Bill Hagerty, a Tennessee senator, raised his voice in support of Binance’s search for a US bank partner. According to him, some crypto-related companies are being debanked in the US by banks because of political pressure. The senator referred to the ongoing US regulatory action against crypto space as Operation Chokepoint 2.0 and indicated that the matter would soon come up in Congress. Further, Senator Bill Hagerty stated in his statement.
“Make no mistake, Operation Chokepoint 2.0 represents an extreme overreach by the bank regulators and they should expect to hear back from Congress soon.”

Also read: Binance pulls out investments in US crypto companies; what about Voyager?
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