Senator Tim Scott has introduced a bill to eliminate the debanking of crypto companies, which restricts access to banking services based on reputational risks. This initiative seeks to protect businesses from discriminatory banking practices.

The bill has garnered bipartisan support, backed by 11 Republican lawmakers and major banking groups like JPMorgan Chase. Debanking has affected multiple sectors, including firearms and cannabis, raising concerns about its implications for legitimate businesses.

Recent congressional hearings revealed a consensus on the need to abolish debanking practices. Senators Kevin Cramer and John Kennedy previously proposed a fairness bill aimed at ensuring equitable access to financial services, highlighting ongoing legislative efforts.