U.S. House of Representatives "Biden administration systematically suppressed the virtual asset industry for years"

The U.S. House Financial Services Committee claimed in an official report that the administration of former President Joe Biden systematically suppressed the virtual asset (cryptocurrency) industry for years.

On the 1st (local time), according to crypto-focused media CoinDesk, French Hill, chairman of the U.S. House Financial Services Committee, stated in the report that the Biden administration used a 'Chokepoint 2.0' strategy to block banks' access to virtual asset firms and hinder industry growth.

The report pointed out, "Key regulatory agencies such as the U.S. Securities and Exchange Commission (SEC) and the Federal Reserve (Fed) limited the related activities of virtual asset firms and banks with excessive discretion without clear rules," and noted that "in the process, widespread debanking of virtual asset firms occurred."

It added, "The Biden administration effectively made it difficult for the virtual asset industry to develop in the United States," and criticized that "it ignored market demands for regulatory clarity and increased uncertainty across the industry."

The report was released amid efforts under the Trump administration to ease virtual asset industry regulations and normalize clear policies, and it has caused a strong reaction in political circles.