Washington, April 26, 2023, Republican members of the United States House Financial Services Committee have sent a letter to the CEO of Stripe, Patrick Collison, asking for more transparency around the company’s recent decision to cut off payment processing for certain cryptocurrency-related websites.
In the letter, the members of Congress express concern that Stripe’s decision may be part of a broader trend of “debanking” individuals and businesses in the cryptocurrency space, and argue that such actions could stifle innovation and harm consumers.
The letter cites several examples of individuals and businesses that have been “debanked” in recent years, including cryptocurrency exchanges and even gun shops. The authors of the letter argue that such actions may be motivated by political or ideological factors, rather than legitimate concerns about money laundering or other illicit activities.
“We believe that Americans should be free to transact with whomever they choose, as long as they are not breaking the law,” the letter states. “And we believe that it is the responsibility of financial institutions to ensure that all individuals and businesses have equal access to the financial system, regardless of their political or ideological views.”
The letter concludes by calling on Stripe to provide more information about its decision to cut off payment processing for cryptocurrency-related websites, including a detailed explanation of its due diligence process and the specific risks it identified.
