U.S. House of Representatives slams Trump's currency issuance at hearing on bank decentralization

Odaily Planet Daily News: Texas Congressman Al Green, a senior member of the U.S. House of Representatives Oversight and Investigations Subcommittee, criticized U.S. President Trump for launching Meme Coin while also pushing a "deregulatory cryptocurrency support agenda." At a hearing of the House Financial Services Committee's Oversight and Investigations Subcommittee on February 6, Green immediately questioned the Republican leadership's claim that the previous administration "put cryptocurrency in the crosshairs of U.S. regulators." Green said that some lawmakers and cryptocurrency executives used the colloquial term "Operation Choke Point 2.0" to claim that former U.S. President Biden's administration had planned to try to debank the industry, which was a "fake plan that was never launched." He said that the Federal Deposit Insurance Corporation (FDIC) and U.S. financial regulators in the previous administration warned financial institutions of possible business ties with cryptocurrency companies instead of ordering them to stop service, and Shayna Olesiuk, director of bank policy at Better Markets, who testified at the hearing, expressed the same view. Green noted: "Regulators requiring banks to consider risks associated with the cryptocurrency industry is not the same as debanking." He also suggested that lawmakers should turn their attention to the Meme coin launched by Trump before he took office on January 17. Neither subcommittee chairman Dan Meuser nor Financial Services Committee Chairman French Hill commented on TRUMP Coin in their opening statements.