#FDIC Concealed Documents Suppressing the Crypto Industry#
Hot Topic Overview
Overview
Recently, the Federal Deposit Insurance Corporation (FDIC) has been accused of a series of improper actions in its crackdown on the crypto industry, including withholding relevant documents, conducting social media investigations of critics, and more. Sources reveal that the FDIC has employed various tactics to circumvent disclosure requirements under the Freedom of Information Act, labeling documents as attorney-client privileged, conducting incomplete searches of its systems, and even hiding files on collaborative platforms. It is alleged that at least 150 key documents have been deliberately concealed. Furthermore, the FDIC has launched social media investigations into several prominent figures in the industry, including Coinbase's Chief Legal Officer, WSPN CEO, and Custodia Bank founder, attempting to ascertain whether they pose a threat to the FDIC. This incident has sparked questions about the FDIC's conduct and once again highlights the issues of transparency and fairness in regulatory bodies' involvement in the development of the crypto industry.
Ace Hot Topic Analysis
Analysis
Recently, the U.S. Federal Deposit Insurance Corporation (FDIC) has been accused of deliberately concealing documents related to its crackdown on the cryptocurrency industry, raising concerns about the agency's transparency and regulatory practices. According to multiple insiders, the FDIC has employed various tactics to circumvent disclosure requirements under the Freedom of Information Act in an operation dubbed "Operation Chokepoint 2.0," including labeling documents as attorney-client privileged, conducting incomplete searches within regional systems, and hiding files generated on collaborative platforms like Microsoft Teams. Insiders claim that approximately 150 key documents have not been submitted. Furthermore, the FDIC has been accused of conducting social media investigations into several prominent figures in the industry, including Coinbase Chief Legal Officer Paul Grewal, WSPN CEO Austin Campbell, Custodia Bank founder Caitlin Long, Castle Island Ventures founder Nic Carter, and Unchained podcast regulatory reporter Veronica Irwin. Insiders state that they were personally assigned to investigate whether these individuals posed a threat to the FDIC. Coinbase has been actively seeking the release of documents through Freedom of Information Act requests, revealing the FDIC's efforts to hinder the adoption of crypto by institutions. This incident has sparked criticism of the FDIC's actions, with many arguing that regulatory actions should be more transparent and calling for the FDIC to explain its conduct.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
The FDIC attempted to evade disclosure requirements under the Freedom of Information Act by marking documents as attorney-client privileged, conducting incomplete searches, and hiding documents, in an effort to conceal its actions against the cryptocurrency industry.
The FDIC conducted social media investigations of cryptocurrency industry critics, attempting to suppress criticism and threaten critics.
The FDIC's actions may constitute discrimination and unfair competition against the cryptocurrency industry, hindering its development.
The FDIC should be more transparent, disclose the basis and purpose of its actions, and be subject to public oversight.