SEC Commissioner Questions PCAOB's Crypto-Focused Budget

According to PANews, the U.S. Securities and Exchange Commission (SEC) is closely monitoring the exclusion of cryptocurrency companies and their executives from banking services. SEC Commissioner Hester Peirce expressed concerns over the Public Company Accounting Oversight Board's (PCAOB) proposed budget of nearly $400 million for 2025, which emphasizes scrutiny on companies holding or facilitating cryptocurrency transactions. Peirce highlighted recent regulatory efforts to deter regulated entities from engaging in the crypto sector. Peirce questioned the PCAOB's decision to focus on these companies while ensuring that auditors, issuers, and broker-dealers are not discouraged from entering the cryptocurrency space. Despite her objections, Peirce's stance was not supported, as SEC Chair Gary Gensler and three other commissioners voted against her. This development comes amid ongoing allegations from the cryptocurrency industry that it is being systematically excluded from the traditional banking system. Venture capitalist Nic Carter has labeled this perceived exclusion as "Operation Choke Point 2.0."