Wyoming Senator Cynthia Lummis has raised severe issues concerning the Federal Deposit Insurance coverage Company’s (FDIC) dealing with of cryptocurrency oversight.
She has accused the company of misconduct, citing stories from whistleblowers who allege that important paperwork have been destroyed and workers have been pressured to remain silent.
In a letter despatched on January 16 to FDIC Chair Marty Gruenberg, Lummis demanded readability on these claims. She insisted that the FDIC protect all information tied to its digital asset actions since January 2022, together with communications about enforcement actions involving Signature Financial institution and Silvergate Financial institution.
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The letter additionally addressed issues about coordination between the FDIC and different federal businesses relating to cryptocurrency laws.
In accordance with the whistleblowers, the FDIC allegedly monitored workers entry to delicate info to forestall disclosures to Congress.
Lummis highlighted a reported initiative referred to as “Operation Chokepoint 2.0”, which allegedly goals to chop off banking entry for cryptocurrency companies. She referred to as the FDIC’s alleged actions “unacceptable and unlawful”, emphasizing that such conduct broken public belief.
In her letter, Lummis warned that obstructing Congressional oversight or destroying proof may result in legal referrals to the Division of Justice.
“The American folks deserve transparency”, Lummis said, vowing to show the reality behind the accusations.
She reiterated this name for accountability on X, the place she pledged to work with Senator Tim Scott, the newly appointed chair of the Senate Banking Committee, to research the matter absolutely.
On January 12, Senator Elizabeth Warren despatched a letter to Scott Bessent, elevating issues concerning the rising use of cryptocurrencies in unlawful actions. What did the letter say? Learn the total story.
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