For context, operation Chokepoint 2.0 refers to a controversial initiative aimed at regulating financial institutions that engage with certain \u201chigh-risk industries,\u201d including the digital asset sector.<\/p>\n
Lummis\u2019s correspondence outlines specific claims made by whistleblowers who allege that FDIC staff members have faced threats of legal action to discourage them from disclosing information to the Senate.\u00a0<\/p>\n
She asserts that management has been closely monitoring access to documents to prevent potential leaks before any materials can be destroyed. This alleged behavior, if proven true, violates the principles of transparency that the American public deserves, the Senator stated.<\/p>\n
\u2018Documentation Must Be Secured And Preserved\u2019<\/h2>\n
In her letter, Lummis explicitly instructs Chair Gruenberg to ensure that all destruction of materials ceases immediately and that all existing documentation related to the FDIC’s digital asset activities since January 1, 2022, is preserved.<\/p>\n
The senator defines “digital asset activities” broadly, encompassing a range of topics, including the supervision and resolution of banks involved in the crypto sector\u2014specifically Signature Bank and Silvergate Bank\u2014as well as the development of rules and policies governing digital assets.<\/p>\n
Lummis further underscores the importance of retaining any materials containing terms associated with digital assets, such as \u201ccrypto,\u201d \u201ccryptocurrency,\u201d \u201cBitcoin,\u201d and \u201cEthereum.\u201d\u00a0<\/p>\n
She makes it clear that any classification of these documents as confidential or privileged does not exempt them from the Senate\u2019s oversight powers, insisting that the FDIC must take all necessary steps to secure and maintain the integrity of these records.<\/p>\n
The senator warns that if evidence emerges indicating that FDIC staff have knowingly destroyed materials or obstructed Senate oversight, she will not hesitate to refer the matter to the US Department of Justice (DOJ) for criminal investigation.\u00a0<\/p>\n
<\/p>\n
At the time of writing, the market’s leading cryptocurrency, Bitcoin, is once again trading above the $101,000 mark, up nearly 8% on a weekly basis.\u00a0<\/p>\n
Featured image from DALL-E, chart from TradingView.com\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"
In a significant development for the ongoing discourse surrounding the digital asset sector, US Senator Cynthia Lummis (R-WY) has raised serious allegations against the Federal Deposit Insurance Corporation (FDIC).\u00a0 In a letter directed to FDIC Chair Marty Gruenberg, Lummis claims whistleblowers from within the agency have reported efforts to destroy documentation related to the FDIC’s…<\/p>\n","protected":false},"author":1,"featured_media":2390,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[61],"tags":[65,111,108,70,71,19,115,254,72,1415,300,255,1416,1417,1418],"class_list":["post-2389","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency-market-news","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btcusd","tag-btcusdt","tag-crypto","tag-crypto-news","tag-cryptocurrency","tag-cryptocurrency-market-news","tag-cynthia-lummis","tag-defi","tag-digital-asset","tag-digital-asset-banks","tag-senator-cynthia-lummis","tag-senator-lummis"],"_links":{"self":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts\/2389","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/comments?post=2389"}],"version-history":[{"count":0,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts\/2389\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/media\/2390"}],"wp:attachment":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/media?parent=2389"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/categories?post=2389"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/tags?post=2389"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}