Members of the U.S. House Financial Services Committee have published a 50-page report on what they describe as a systematic debanking effort by regulators during the Biden era, dubbed “Operation Chokepoint 2.0.” The report identifies at least 30 entities that were debanked through informal regulatory pressure or guidance from agencies such as the Federal Reserve, Federal Deposit Insurance Corporation (FDIC) and Office of the Comptroller of the Currency (OCC). Lawmakers argue that these actions, which target industries perceived as higher risk, amount to backdoor policymaking that restricts lawful businesses’ access to financial services. By formally entering these allegations into the Congressional record, the report raises the stakes around regulatory scrutiny of banking relationships, with particular implications for crypto firms that have reported difficulties maintaining or securing bank accounts. [Update 1] House Republicans have renewed their criticism of what they call a Biden-era “coordinated attack” on crypto, focusing on debanking and restricted banking access for crypto-related entities. Following the release of the detailed House Financial Services Committee report on alleged ‘Operation Chokepoint 2.0’, GOP members are emphasizing that informal regulatory pressure on banks is harming the sector’s ability to access core financial services, and are keeping policy and oversight debates over crypto debanking in the spotlight.