The SEC's high-level concern over the phenomenon of crypto companies being shut out by banks has sparked heated discussions.💼

SEC Commissioner Hester Peirce has questioned the nearly $400 million budget proposed for the PCAOB for 2025, suggesting it focuses too much on companies that hold or trade cryptocurrencies. She pointed out that recent efforts by regulators to prevent regulated entities from entering the crypto space have been made public.🔍

Despite Peirce's opposition, SEC Chairman Gary Gensler and two other commissioners still support the budget. The crypto industry has accused being excluded from the traditional banking system, with venture capitalist Nic Carter calling it 'Operation Choke Point 2.0'.⚖️

How the market will react remains to be seen.⏳