Senator Cynthia Lummis of Wyoming has issued a strong warning to the U.S. Federal Deposit Insurance Corporation (FDIC) staff, threatening criminal referrals for those involved in destroying documents related to “Operation Choke Point 2.0” (OCP 2.0). The allegations, brought to light by whistleblowers, suggest that FDIC staff have been involved in efforts to withhold and destroy documents tied to a multi-agency crackdown on crypto businesses.
OCP 2.0 is an initiative that aims to limit crypto companies’ access to banking services, and industry advocates have criticized it as an anti-crypto campaign. In a letter dated January 16, 2025, addressed to FDIC Chair Marty Gruenberg, Senator Lummis demanded that all materials related to OCP 2.0, including documents associated with the closure of Signature Bank and Silvergate Bank, be preserved. She further accused FDIC management of monitoring staff closely to prevent the release of these documents to the Senate, while threatening legal actions against whistleblowers.
Lummis made it clear that any attempt to destroy documents or obstruct the Senate’s oversight functions would result in swift criminal referrals to the U.S. Department of Justice.
The dispute over OCP 2.0 documents has sparked legal battles between the FDIC and major crypto companies like Coinbase, which has sued the agency for access to files. Despite court orders demanding the release of relevant documents, Coinbase has criticized the FDIC for providing heavily redacted materials. A second court ruling chastised the FDIC for its lack of cooperation, which has only intensified the scrutiny surrounding the case.
In the midst of these ongoing challenges, FDIC Chair Marty Gruenberg has already announced his resignation, as the incoming Trump administration prepares to take office.
Related topics:
FTX Refutes Backpack’s Claim of Acquiring FTX EU
Andrew Tate Unveils BRUV Party with Radical Bitcoin-Centric Policies
Ripple CEO’s Dinner with Trump Sparks Speculation on XRP’s Future
