Senator Cynthia Lummis has sent a letter to the Federal Deposit Insurance Corporation (FDIC) telling the regulator not to destroy any information concerning the agency’s attempt to undermine digital asset innovation.
It has been widely reported that the FDIC used its power and influence to deter banks from working with digital asset firms. Certain government activity during the Biden Administration pertaining to crypto has been labeled Operation Chokepoint 2.0.
Senator Lummis says her office was contacted by FDIC insiders alleging the destruction of material regarding the nefarious activity under the leadership of FDIC Chair Marty Gruenberg.
Lummis’ letter demands Chair Gruenberg and his staff immediately cease and desist from destroying information as Congress prepares for an oversight hearing which will seek clarity and information on the FDIC’s activity.
“The FDIC’s alleged efforts to destroy and conceal materials from the US Senate related to Operation Chokepoint 2.0 is not only unacceptable, it is illegal,” said Lummis.
The Senator added that if the allegations are true that information is being destroyed, there will be swift action to refer the criminal activity to the US Department of Justice.
“The American people deserve transparency, and I will see to it that they get the answers they deserve,” said Senator Lummis.
The Biden Administration has long been an opponent of digital asset innovation, leveraging the power of the Federal government to dissuade and deter firms engaged with crypto. The authoritarian policies regarding crypto are expected to be reversed once the digital asset-friendly Trump administration takes over the federal government.
The letter to the FDIC is available here.