Republican lawmakers released a report on the “debanking of digital assets,” blaming the Biden administration for pressuring banks to cut off services to some crypto companies. They called for legislative action, including the CLARITY Act, to provide clarity for the cryptocurrency industry.

The report cited actions by regulators like the FDIC, OCC, and SEC to debank at least 30 entities and individuals in the crypto industry. Measures included sending “pause” letters, adding red tape, and using regulation by enforcement tactics. The Trump administration previously scaled back regulations impacting the crypto industry.

Lawmakers have passed the Digital Asset Market Structure bill in the House and are considering it in the Senate committees. Senate Banking Chair Tim Scott aims to have the bill ready for signing into law by early 2026. The report calls for clear rules to enable lawful operation in the digital asset ecosystem.

Read more at Cointelegraph: Republicans Urge Action on Market Structure Bill over Debanking Claims