There are new concerns regarding the transparency in the regulatory methods of the Federal Deposit Insurance Corporation, or FDIC, following allegations against it.
Senator Cynthia Lummis of Wyoming thinks the agency sabotaged critical data related to “Operation Chokepoint 2.0,” which is believed to have targeted the cryptocurrency sector.
What Is Operation Chokepoint 2.0?
The Operation Chokepoint 2.0 initiative is a campaign that is being run by regulators with the intention of separating crypto firms from organizations that provide traditional financial services. In this strategy that caused significant disruption to the sector, Chokepoint became a topic of discussion during the elections in the United States in 2024.
Critics argue it was unfair how these actions affected innovation and forced unnecessary hurdles against crypto companies just trying to navigate the law and operate within them.
Letter sent by Lummis to the FDIC. Source: Senator Lummis
Senator Lummis claims that whistleblowers notified her of the destruction of records related to this program. The claims point to an intentional effort to block scrutiny and conceal information about the FDIC’s conduct.
The Biden administration declared war against digital assets. Now it’s our job to win.https://t.co/Wq2TUDSIbx
— Senator Cynthia Lummis (@SenLummis) January 16, 2025
In response to these charges, Lummis has requested that t
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Author: Christian Encila
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