The U.S. House Financial Services Committee released a 53-page report on December 1, 2025, alleging that Biden Administration regulators attempted to exclude cryptocurrency firms from the banking system. Republicans claim the Federal Reserve, FDIC, OCC, and SEC coordinated policies to discourage banks from serving digital asset companies. The report labels these efforts "Operation Choke Point 2.0" and asserts they occurred while Congress worked to establish regulatory clarity for the sector.

Grayscale introduced spot exchange-traded funds for XRP and Dogecoin on NYSE Arca on November 24, 2025. The products, converted from existing trusts, mark GDOG as the first pure spot Dogecoin ETF available in the United States.