The cryptocurrency industry is facing renewed political and regulatory scrutiny on both sides of the Atlantic, with UK lawmakers launching an inquiry into banking access restrictions and US Senator Bernie Sanders pledging to challenge crypto-linked political spending ahead of the 2026 midterm elections.
UK Banking Inquiry
The UK Crypto and Digital Assets All-Party Parliamentary Group (APPG) has opened a cross-party investigation into claims that banks are unfairly denying services to digital asset firms and imposing limits on crypto-related payments. Chaired by Lord Vaizey and Labour MP Gurinder Singh Josan, the inquiry will gather written evidence over a six-week period from banks, fintech companies, and crypto businesses, before publishing a report with recommendations for the government. Lawmakers are examining whether current banking practices are proportionate or creating unintended barriers for legitimate businesses and consumers.
The probe echoes long-standing industry complaints, similar to the US “Operation Chokepoint 2.0” narrative, where crypto firms say they have struggled to open and maintain bank accounts. The APPG will also investigate reports that restrictions extend to professional service providers, such as insurers, linked to the sector. While the group lacks legislative power, its findings could shape future policy as the UK advances its digital asset framework, including the planned Digital Gilt Instrument (DIGIT) pilot on HSBC’s Orion blockchain platform.
Sanders’ Campaign Pledge
In the US, Senator Bernie Sanders used a campaign event for Minnesota Senate candidate Peggy Flanagan to declare, “Together, we are going to take on crypto, the AI industry, AIPAC and other billionaire super PACs.” Sanders’ statement on X focused on the influence of large political donors rather than specific crypto policies, but it comes as industry-backed groups like Fairshake have spent approximately $189 million in the current election cycle, deploying funds across party lines in key primaries. Sanders had previously urged the Labor Department to withdraw a proposal that could expand crypto access in 401(k) plans.
Neither the UK inquiry nor Sanders’ remarks are expected to bring immediate legal changes, but the parallel developments signal that political pressure on the digital asset sector is intensifying as regulators and lawmakers grapple with its growing integration into financial systems and electoral politics.
