US Congressman French Hill promises to investigate "Operation Chokepoint 2.0" plan

U.S. Rep. French Hill has publicly pledged to investigate "Operation Chokepoint 2.0," which has been accused of denying access to financial services to specific industries such as cryptocurrencies for political purposes. Hill said that financial institutions should not terminate customer accounts without legitimate, substantive reasons, characterizing such actions as weaponizing government resources. He stressed the importance of fairness and transparency in financial regulation, saying that such practices are detrimental to legitimate businesses. In recent social media posts, he condemned the Biden-Harris administration for continuing these practices, noting that they are exactly the same as the original "Operation Chokepoint." He announced his intention to push the legislature to review the behavior and policies of regulators to determine whether the latter comply with legal standards. In addition, Hill also expressed a strong position, vowing to eliminate political targeting in financial regulation. Hill emphasized the importance of developing financial regulatory measures targeted at specific institutions as part of his broad reform plan. He proposed requiring federal prudential regulators to consider factors such as size, risk profile and business model when implementing policies. This approach will prevent one-size-fits-all regulation and ensure that smaller community banks and credit unions do not bear unfair burdens. (CoinGape)