The US House Financial Services Committee has released a report alleging a systematic suppression of the cryptocurrency industry by the Biden administration. Chairman French Hill argues that "Choke Point 2.0," a strategy of pressuring the industry by limiting bank access, has been employed for years. The report highlights actions by the SEC and the Federal Reserve, claiming they've used "excessive discretion without clear guidelines" to block cryptocurrency companies and related banking activities. This has led to widespread "debanking," restricting access to essential financial services for crypto businesses. According to the report, these actions have significantly hindered cryptocurrency development within the United States. Critics argue this stifles innovation and sends crypto-related businesses overseas. The report suggests a need for clearer regulatory frameworks and a more balanced approach to cryptocurrency regulation. ```