Crypto News: US Congress To Act Soon As Banks Isolate Binance?

Crypto News: With the recent regulatory actions, the U.S. is currently facing heavy criticism of the way it is handling crypto industry. While industry insiders feel the US faces danger of losing a chance to be home for a new financial hub with crypto assets, the U.S. Securities and Exchange Commission (SEC) recently placed restrictions on crypto staking service offered by Kraken. This move was seen as the US regulators’ view to pose a warning to the crypto market. Also, crypto exchanges like Binance are having a tough time to find a banking partner in the US, owing to a hostile environment.

Also Read: SEC Approves This U.S. Exchange’s Custody Service While Coinbase’s Remain Uncertain

Binance Banking Issue To Be Heard In US Congress?

In an apparent indication of Binance’s pursuit of a US banking partner, Senator Bill Hagerty from Tennessee, raised his voice on the matter. He said some companies in the crypto space are being debanked by US banks due to political pressure. Terming the ongoing spree of aggressive actions against the crypto space by US regulators as Operation Chokepoint 2.0, the senator indicated the matter would soon be raised in the Congress. Senator Bill Hagerty’s statement further said,

“Make no mistake, this Operation Chokepoint 2.0 is an extreme overreach from the banking regulators, and they should expect to hear from Congress soon.”

Also Read: Binance Pulls Out Investments In US Crypto Companies; What About Voyager?

Anvesh reports major developments around crypto adoption and trading opportunities. Having been associated with the industry since 2016, he is now a strong advocate of decentralized technologies. Anvesh is currently based in India. Follow Anvesh on Twitter at @BitcoinReddy and reach out to him at [email protected]