Pro-Bitcoin Senator Accuses FDIC Of Sabotaging Digital Asset Documentation
The ongoing discussion surrounding the digital asset space has taken a major step forward, with U.S. Senator Cynthia Loomis (R-WY) making serious accusations against the Federal Deposit Insurance Corporation (FDIC).
In a letter to FDIC Chairman Marty Gruenberg, Lummis claimed that whistleblowers within the agency reported efforts to destroy documents related to the FDIC’s digital asset activities. The senators’ letter calls for an immediate halt to these alleged actions and for them to be subject to congressional oversight.
FDIC staff under threat over digital asset regulation
Senator Loomis positions herself as staunch supporter Bitcoin (BTC) and other cryptocurrencies, and her concerns about the FDIC come amid intense scrutiny of the agency’s handling of digital assets.
on her letter“,” she stressed the seriousness of the charges, noting, “The FDIC’s alleged attempt to destroy and conceal U.S. Senate materials related to Operation Choke Point 2.0 is not only unacceptable, it is unlawful.” ”
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For context, Operation “Chokepoint 2.0” refers to a controversial initiative to regulate financial institution Involving certain “high-risk industries”, including the digital asset industry.
Loomis’ letter outlines specific claims made by whistleblowers who allege that FDIC staff faced threats of legal action to prevent them from disclosing information to the Senate.
She claims management has been closely monitoring access to information document Prevent potential leaks before any materials are destroyed. The senator said this alleged conduct, if proven true, would violate the principles of transparency that the American public deserves.
“Documents must be protected and preserved”
In the letter, Lummis expressly directs Chairman Gruenberg to ensure that all material destruction ceases immediately and that all existing documents related to the FDIC’s digital asset activities since January 1, 2022, are preserved.
The senator defined “digital asset activity” broadly, covering a range of topics including regulation and solutions for banks participating in the activity. cryptocurrency sector— specifically Signature Bank and Silvergate Bank — and the development of rules and policies governing digital assets.
Lummis further emphasized the importance of preserving any material that contains terms related to digital assets, such as “cryptocurrency,” “cryptocurrency,” “Bitcoin,” and “Ethereum.”
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She made clear that classifying the documents as secret or privileged does not exempt the Senate from oversight, insisting Federal Deposit Insurance Corporation All necessary measures must be taken to protect and maintain the integrity of these records.
The senator warned that if evidence emerged that FDIC staff intentionally destroyed materials or obstructed Senate oversight, she would not hesitate to refer the matter to the U.S. Department of Justice (DOJ) for criminal investigation.
As of this writing, market-leading cryptocurrency Bitcoin has once again crossed the $101,000 mark, rising nearly 8% on a weekly basis.
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