December 8, 2025: This week in digital asset federal policy
DC Decentralized: A weekly newsletter on digital asset and blockchain federal policy
This week decoded
A small group of Senate market structure negotiators reportedly met privately last week, including Sens. Cynthia Lummis (R-WY), Angela Alsobrooks (D-MD), Kirsten Gillibrand (D-NY), Bernie Moreno (R-OH), Mark Warner (D-VA) and Ruben Gallego (D-AZ), in addition to market structure skeptic Sen. John Kennedy (R-LA). According to reports, Kennedy said he came away from the discussion more positive.
The House Committee on Financial Services released a final majority staff report detailing Operation Choke Point 2.0.
Read more below
Congress
Hearings
Last week
On December 2, the House Financial Services Committee holds a hearing on Oversight of Prudential Regulators.
This week
On December 10, the House Agriculture Committee holds its annual Member Day.
On December 11, the House Agriculture Committee holds a hearing on CFTC (Commodity Futures Trading Commission) Reauthorization: Stakeholder Perspectives.
Reports, Meetings, and Events
House Committee on Financial Services Chair French Hill (R-AR) and Oversight Subcommittee Chair Dan Meuser (R-PA) released a final staff report titled “Operation Choke Point 2.0: Biden’s Debanking of Digital Assets” detailing “how Biden Administration regulators used vague rules, excessive discretion, informal guidance, and aggressive enforcement actions to pressure banks away from serving digital asset clients, resulting in at least 30 digital asset entities or individuals losing access to financial services.” (Report)
Trump Administration
Securities and Exchange Commission (SEC)
The SEC’s Crypto Task Force has announced the agenda and panelists for its rescheduled Roundtable on Financial Surveillance and Privacy on December 15. (Press release)
Consumer Financial Protection Bureau (CFPB)
On December 10, the CFPB holds a virtual meeting of the Consumer Advisory Board to discuss fair lending and debanking. (Register)
Noteworthy Quotes and Events
ADMINISTRATION
White House
White House AI & Crypto Czar David Sacks posted “President Trump deserves all the credit for building an amazing team and prioritizing AI and crypto as cutting-edge technologies where America must lead the world.”
CONGRESS
Market Structure
Sen. John Kennedy (R-LA) said of his meeting with Senate market structure negotiators, “I think both sides are trying to get to yes, and we’ll probably have another meeting next week.” He added, “We’re not there yet, but I was very impressed.” (Punchbowl)
Kennedy said of traditional banks’ opposition to stablecoin yields, “It’s one of the outstanding issues, and we talked some about it, but we haven’t resolved it yet.” (Punchbowl)
In an interview with Punchbowl, Senate Banking Chair Tim Scott (R-SC) said of market structure negotiations with Senate Democrats, “We’ve had drafts out since [July], and then we had another one come out a couple months ago in September. And yet we’re still waiting for them to finish figuring out where they want to go on the process. Five months seems to be long enough for me to read a page a day and be OK with it.” He added, “I think they are getting to a place where they finally have gotten serious about getting something done.” (Punchbowl)
Scott said of conversations with Kennedy, “I’ve had as many conversations with Senator Kennedy as probably anybody on the topic of market structure, and he certainly is very keen to be fully informed. Good news is, his staff and my staff have met days on end. So the information that he needs is now what’s in his office.” (Punchbowl)
House Financial Services Debanking Report
Financial Services GOP posted “Chairman RepFrenchHill on RepMeuser & the Committee’s digital asset debanking report: “This report identifies all the ways former SECGov Chair Gensler, former bank supervisors like Michael Barr and others, to systematically debank legal businesses in the US engaged in the digital asset innovative space. This was terrible for American competitiveness and it led me during the course of the Biden Admin to offer my market structure bill which gives clear rules of the road for digital assets so people know how to innovate and count on the federal government to not debank them, but encourage the use of blockchain technology inside financial services.”
Rep. Bryan Steil (R-WI) posted “Chokepoint 2.0 stalled Web3 innovation, drove jobs overseas, and politicized access to our banking system. I’m working to provide clear rules for digital assets and ensure law-abiding Americans have access to our banking system.”
Rep. John Rose (R-TN) posted “This report confirms the worst: Joe Biden worked to debank the digital assets of conservatives, Christians, and firearm businesses because of their politics. Just as they did when the last administration weaponized banks against its political opponents, this pattern of abuse must end. I look forward to working with Chairman RepFrenchHill, Subcommittee Chairman RepMeuser, and my FinancialCmte colleagues to ensure this never happens again.”
Rep. María Elvira Salazar (R-FL) posted “Today’s House GOP report makes one thing clear: the Biden Administration’s debanking campaign strangled legitimate digital-asset companies, killing jobs and driving America’s best talent overseas. I’m proud to stand with my colleagues on the Financial Services Committee. Miami’s crypto economy relies on a banking system that is fair, accessible, and free from political targeting. Restoring clarity, strong rules, and equal treatment is essential to keeping Miami a global leader in digital innovation.”
Rep. Dan Meuser (R-PA) posted “As FinancialCmte Oversight Subcommittee Chair, our team worked under RepFrenchHill’s direction to compile the first full accounting of how the Biden Administration’s coordinated debanking of lawful digital-asset firms hurt American workers, innovators, and competitiveness. Read the full report to see the evidence, how President realDonaldTrump’s leadership is restoring fairness to bank supervision, and how we will end debanking once and for all.”
Rep. Andy Barr (R-KY) posted “Debanking of digital asset firms under the Biden Administration was real and unacceptable. I’m leading the charge with SenatorTimScott to make sure no one is debanked b/c of their politics—including Christian organizations, crypto, energy, and firearms businesses.”
Digital Asset Tax Framework
Rep. Max Miller (R-OH) told Tax Notes, “More than likely, it’s going to be a priority for next year, due to the government shutdown and us losing almost two months of working legislative days. I think that’s the only reason it’s taken this long.” (Tax Notes)
Sen. Steve Daines (R-MT) said, “Next year we’ll have a framework… This is a global race, and whoever gets there the fastest is going to win.” (Tax Notes)
Miscellaneous
Rep. Keith Self (R-TX) posted “As we expect the NDAA text to be released in the near future, let us remember that language banning a Central Bank Digital Currency (CBDC) was promised to be included. I, and many other members, will be watching over the coming days to make sure promises were kept.”
House Judiciary Dems posted “Trump pardoned a narco-dictator who helped move 400 tons of cocaine into the U.S. to ‘stick up the noses of the gringos.’ Tech-crypto oligarchs reportedly helped secure the pardon as a thank-you to President Hernandez for creating a private, for-profit city ruled by the Broligarchs. The pardon exposes the emptiness of Trump’s War on Drugs rhetoric, and the corruption of his Administration that hands out pardons to the friends of the President’s wealthiest donors at the expense of public safety and the American people.”
Rep. Steve Cohen (D-TN) posted “Memphis households already spend more of their income on power bills than almost anywhere in the country. My Clean Cloud Act would keep data centers and crypto miners from pushing those bills even higher.”
Rep. Bryan Steil (R-WI) posted “Breaking Crypto Update NCUA Chair kylehauptman confirms we are on track to implement the GENIUS Act by July 18.”
What I’m Reading This Week
What are Stablecoins? Your Money Could Soon Be Tied Up In This $300 Billion Crypto Market, Aaron Krolik, The New York Times.
How a Cryptocurrency Helps Criminals Launder Money and Evade Sanctions, Aaron Krolik, The New York Times.
About Zero One Strategies
Zero One Strategies is a boutique government relations practice dedicated to navigating the complex landscape of U.S. federal policy in emerging technologies. As advancements in technology continue to outpace regulatory frameworks, Zero One Strategies aims to provide strategic guidance and bipartisan advocacy for innovators and businesses operating at the forefront of technological development.
The practice focuses on key areas such as digital assets, blockchain, decentralized technologies, artificial intelligence, cybersecurity, data, and digital infrastructure, as well as the multiple policy issues impacting these sectors, including tax and financial services.
Contact us: Stacey@ZeroOneStrategies.com
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