US Congressman French Hill promises to investigate the "Operation Chokepoint 2.0" plan

US Congressman French Hill publicly pledged to investigate “Operation Chokepoint 2.0,” which is accused of refusing specific industries such as Cryptocurrency to access Financial Service for political purposes. Hill stated that Financial Institution should not terminate customer account without legitimate and substantive reasons, and classified such behavior as weaponizing government resources. He stressed the importance of fairness and transparency in financial regulation, calling it detrimental to legitimate businesses. In a recent social media post, he condemned the Biden-Harris administration for continuing these practices, noting their similarity to the original ‘Operation Chokepoint.’ He announced plans to push for legislative review of regulatory actions and policies to determine their compliance with legal standards. Additionally, Hill expressed a strong stance on eliminating political targeting in financial regulation. Hill emphasizes that it is very important to formulate financial regulatory measures for specific institutions as part of its comprehensive reform plan. He suggests requiring federal regulatory agencies to consider factors such as scale, risk profile, and business model when implementing policies. This approach will prevent one-size-fits-all regulation and ensure that smaller community banks and credit unions do not bear unfair burdens. (CoinGape)