On January 24, 2025, Chairman Tim Scott announced that the Senate Banking Committee will conduct a hearing on debanking. The session is scheduled for February 5, 2025, and the list of witnesses will be disclosed later.
Chairman Scott expressed concerns about what he described as "un-American" practices under Operation Chokepoint 2.0. He stated that "every legal business deserves to be treated the same regardless of their political beliefs." According to Scott, regulators during the Biden administration misused their authority by compelling financial institutions to cease services to digital asset firms, political figures, and businesses or individuals with conservative affiliations.
Scott emphasized his commitment to addressing these issues in collaboration with President Trump, industry leaders, and bipartisan members of Congress.