During the February 6th hearing, US Representative Al Green expressed dissatisfaction with Donald Trump's 'pro-crypto agenda' and memecoin launch.
Remarks at February 6th Hearing
During a hearing of the House Financial Services Committee’s Oversight and Investigations Subcommittee, Democrat Al Green discussed the connections between the crypto industry and US politics. He noted that the term Operation Choke Point 2.0, used to describe supposed orchestrated attempts by the Biden administration to exclude the crypto industry from financial operations, was not a real program.
Allegations of Memecoin Marketing
Green highlighted the memecoin Trump launched before taking office on January 17, suggesting this should be a focal point for lawmakers. However, neither subcommittee chairs nor the Financial Services Committee chairs included mention of the TRUMP coin in their opening statements.
Regulatory Issues and Coinbase's Stance
During the hearing, Coinbase Chief Legal Officer Paul Grewal termed the US government's approach 'regulation by exhaustion'. Grewal claimed the FDIC misled the public by stating crypto firms were entitled to banking services similar to other companies, while simultaneously sending letters of concern.
The hearing on February 6th was the first meeting of the oversight subcommittee in the 119th session of the US Congress. Regulatory issues pertaining to the crypto industry remain significant for lawmakers in both chambers of Congress.
