Texas Representative Al Green criticized Donald Trump for endorsing a memecoin during a recent House hearing. He labeled the so-called Operation Choke Point 2.0 as nonexistent and defended the previous administration’s regulatory measures regarding cryptocurrency risks.

During the hearing, Green asserted that US financial regulators had guided banks to evaluate risks relating to crypto firms rather than forcing debanking. This stance aligns with testimony from industry executives about financial institutions severing banking relations due to their crypto associations.

In the session, Coinbase’s chief legal officer described the government’s regulatory strategy as ‘regulation by exhaustion.’ He raised concerns about misleading communications from the FDIC, echoing worries from other crypto executives regarding access to essential banking services.