According to the source, U.S. House lawmakers have detailed grievances alleging that federal banking regulators pressured banks to de-risk lawful crypto clients under a so-called ‘Choke Point 2.0,’ raising potential impacts on crypto-fiat rails and market liquidity (source: U.S. House Committee on Financial Services oversight focus, 2023–2024). These concerns echo prior HFSC oversight letters to the FDIC, Federal Reserve, and OCC that sought records on supervisory actions affecting crypto firm bank access (source: U.S. House Committee on Financial Services majority oversight letters, 2023). The original Operation Choke Point program was formally terminated by the Department of Justice in 2017, establishing a policy baseline that such broad de-risking campaigns are inappropriate (source: U.S. Department of Justice correspondence to Congress, August 2017). For trading, bank access directly affects USD on/off-ramps, stablecoin mint/redeem capacity, and spot market depth on U.S. venues; after Silvergate and Signature exited in March 2023, U.S.-hour BTC-USD depth declined and spreads widened, reflecting constrained fiat rails (source: Kaiko market structure research, March–April 2023). Supervisory frameworks introduced by the Federal Reserve in August 2023 for “novel activities,” along with stablecoin-related pre-approval expectations for state member banks, increased compliance frictions that influence exchange and issuer banking relationships (source: Federal Reserve announcements on the Novel Activities Supervision Program and stablecoin supervision, August 2023). Traders should monitor committee hearings, subpoenas, or statutory proposals that could alter interagency guidance, as shifts in bank policy have historically impacted BTC and ETH liquidity, stablecoin market share, and U.S. versus offshore basis dynamics (source: U.S. House Committee on Financial Services hearing calendars and memos; Kaiko market structure analyses, 2023).

According to Crypto Rover, the U.S. House Financial Services Committee has passed the 'Stable Act', which introduces regulatory measures for stablecoins. This legislative move could significantly impact the trading and issuance of stablecoins by requiring issuers to comply with new standards, potentially affecting market dynamics and liquidity. Traders should monitor the implementation timeline and any adjustments in stablecoin policies as these could influence market volatility and trading strategies.