US Senator Cynthia Lammis (R-WY) strongly reprimanded the Federal Deposit Insurance Corporation (FDIC) for the agency's handling of digital asset controls and threatening indexes.
On Thursday, Lummis sent a letter to FDIC Chairman Marty Grunberg after whistleblowers accused the agency of threatening employees to keep quiet by destroying crypto-related jobs.
“The FDIC's actions are unacceptable and illegal,” Lammis wrote in her letter. Letter. The senator promised to investigate the truth behind these allegations, calling for accountability from federal agencies involved in surveillance.
“The American people deserve transparency, and I will see to it that they get the answers they deserve,” Lammis wrote. press release on Thursday.
The FDIC did not immediately respond to Decrypt's request for comment.
The lawsuit is focused on “.Operational Chokepoint 2.0“It is an initiative to isolate crypto companies by cutting off access to banking services.
Whistleblowers told Lummis that the FDIC monitored its employees' access to sensitive materials to prevent Senate disclosure.
“The FDIC is trying to cover up Operation Chokepoint 2.0, and the FDIC should immediately preserve all documents related to digital assets,” Lummis said. He wrote By X (formerly Twitter). Tim Scott and I will get into it.
Tim Scott has been sworn in as chairman of the Senate Banking Committee, succeeding former anti-crypto politician Sherrod Brown. disappeared To Bernie Moreno in 2024 US. Choices.
In her letter, Lummis directed the FDIC to preserve all records related to the digital asset beginning in January 2022.
The senator outlined the expected categories of documents, including those about Signature Bank, Silvergate Bank and crypto-related enforcement actions.
Lummis requested the preservation of all records related to the FDIC's guidance and coordination with other federal banking agencies on digital assets.
The politician warned of criminal referrals to the Justice Department if the FDIC was found to have “obstructed Senate oversight” and “knowingly destroyed assets.”
Operation Chokpon 2.0: Allegations of Targeting the Crypto Industry
Operation Chokepoint 2.0 mirrors the Obama-era effort to target industries such as arms dealers and payday lenders by pressuring banks to cut ties with these businesses.
Industry advocates say this new iteration will focus squarely on crypto.
Last month, documents Found out According to Coinbase's Freedom of Information Act (FOIA) request, the FDIC directed banks to “suspend all crypto asset-related activities” by 2022.
They have Crypto leaders like Coinbase CEO Brian Armstrong and Custodia Bank CEO Caitlin Long. It has been shared. “Debanking” personal accounts where financial services are suddenly canceled without reason.
Earlier this month, pro-crito attorney John Deaton It is called Operation Chocpon 2.0 is a clear example of regulatory oversight driven by political motives rather than sound policy.
“This is not just a fight for crypto,” Deaton warned. “It is a struggle against the erosion of institutional integrity and the power of unelected bureaucracies.”
Edited by Sebastian Sinclair
Daily Debrief Newspaper
Start every day with top news stories, plus original features, podcasts, videos and more.
