Senator Cynthia Lummis of Wyoming penned a missive to the Federal Deposit Insurance Corporation (FDIC), stating that confidential sources have disclosed suspicions that the organization purportedly discarded records pertaining to Operation Chokepoint 2.0.
Senator Lummis directed the concerned government body to halt the disposal of documents pertaining to “digital asset operations” and to retain all related records, such as the oversight of Signature Bank and the liquidation process of Silvergate Bank. The senator cautioned the Federal Deposit Insurance Corporation (FDIC) about this matter.
“If it is uncovered that you or your staff have knowingly destroyed materials or sought to obstruct the oversight functions of the Senate, I will make swift criminal referrals to the US Department of Justice.”
1. Effort titled Operation Chokepoint 2.0, aimed at limiting cryptocurrency companies’ access to banking facilities, significantly affected the global crypto industry and emerged as a significant concern for industry lobbyists in the 2024 U.S. elections.
Crypto founders speak out against financial targeting
After the guesting of Marc Andreessen, co-founder of Andreessen Horowitz, on The Joe Rogan Experience podcast, over thirty crypto creators posted on social media about their debanking stories.
Among the executives voicing their opinions were Sam Kazemian, founder of Frax Finance, and Brian Armstrong, CEO of Coinbase.
Armstrong submitted a Freedom of Information Act application to acquire the original letters from the FDIC, which were sent out in 2022 and urged banks to temporarily halt their dealings with cryptocurrencies.
The FDIC provided the Coinbase executive with heavily censored copies of the letters, which led Judge Ana Reyes to demand that the FDIC release clearer and less redacted documents.
In her December 12th ruling, Reyes stated, “The defendant can’t just black out everything that isn’t an article or a preposition.” She also described the heavily redacted documents as demonstrating a “lack of sincere effort” in providing useful records.
In the face of intense regulation in the cryptocurrency sector, companies have proven resilient, adapting effectively to keep going.
In response to having their business accounts terminated at conventional banks during the debanking process, numerous cryptocurrency companies shifted towards using stablecoins as a means of funding their ongoing operations.
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2025-01-17 01:05