According to Odaily Planet Daily, U.S. Representative French Hill has pledged to investigate "Operation Chokepoint 2.0," which has been accused of denying industries such as cryptocurrencies access to financial services for political purposes.
Hill said financial institutions should not terminate customer accounts without justifiable reasons, calling such actions the weaponization of government resources and emphasizing the fairness and transparency of financial regulation.
He condemned the Biden-Harris administration’s approach and plans to push for legislation to review regulators’ behavior and policies to ensure they comply with legal standards and eliminate political targeting in financial regulation.
Hill recommends developing institution-specific financial regulation that would require federal regulators to consider size, risk profile and business model, prevent one-size-fits-all regulation and protect small banks and credit unions.