U.S. Lawmakers Debate Cryptocurrency's Role in Banking

According to Odaily, U.S. Representative Ann Wagner criticized the previous Biden administration during a congressional hearing focused on the 'de-banking' of cryptocurrencies. Wagner accused the former administration of attempting to isolate the cryptocurrency industry from the economy. She emphasized that regulatory bodies should not choose winners and losers based on the political preferences of the current president. Wagner argued that individuals conducting entirely legal businesses should have the right to access banking services, and banks should be free to decide on their clients without regulatory pressure to conform to a hostile government's agenda. The Senate Banking Committee hearing held on Wednesday also saw cryptocurrency critic Elizabeth Warren addressing the issue of de-banking. Warren stated that the cryptocurrency industry should not be excluded from the banking system, highlighting the need for fair access to financial services.