Regulators under the Biden administration participated in a “largescale, coordinated effort” to undermine the growth of the digital asset industry by preventing traditional financial institutions from serving it or engaging in crypto-related activity, House Republicans allege.

In a 53-page report published Monday, Republicans on the House Financial Services Committee allege the Biden administration “sought to make it nearly impossible to engage in digital asset related activities” by using a “regulatory regime that provided too little certainty to financial institutions and gave too much discretion to the regulators that oversee them.”

Regulator pressure, often…