The senior officials of the U.S. SEC are currently focusing on the phenomenon of banks refusing to provide services for cryptocurrency companies

According to DL News, the phenomenon of cryptocurrency companies and their executives being shut out by banks has attracted high attention from senior officials at the U.S. Securities and Exchange Commission (SEC). In comments on Wednesday, SEC Commissioner Hester Peirce questioned a nearly $400 million 2025 budget proposed by the Public Company Accounting Oversight Board (PCAOB). Peirce pointed out that PCAOB decided to focus on companies holding large amounts of cryptocurrencies or promoting cryptocurrency transactions. She stated: "In recent weeks, regulators' attempts to prevent regulated entities from getting involved in the field of cryptocurrencies have been made public."

When deciding not to approve this budget request from PCAOB, Peirce further asked how the board could select investigation targets without discouraging auditors, issuers and brokers from entering into the field of cryptocurrencies. However, her opinion was not adopted as three other commissioners including SEC Chairman Gary Gensler voted against it.

Previously, for several consecutive weeks, the cryptocurrency industry had accused itself of being collectively squeezed out of traditional banking systems. Against this backdrop, Peirce made these comments. Cryptocurrency venture capitalist Nic Carter referred to this so-called squeezing behavior as "Operation Choke Point 2.0".