#FDIC Concealed Documents Suppressing the Crypto Industry#

Recently, the 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 on collaborative platforms. Allegedly, around 150 key documents have not been submitted. Furthermore, the FDIC has been accused of conducting social media investigations into several prominent figures in the cryptocurrency industry, including the Chief Legal Officer of Coinbase, the CEO of WSPN, the founder of Custodia Bank, the founder of Castle Island Ventures, and the regulatory reporter for the Unchained podcast. These actions have sparked questions about whether the FDIC is using its power to suppress the cryptocurrency industry and whether it is engaging in unnecessary investigative actions. Coinbase and other institutions have begun seeking the release of documents through Freedom of Information Act requests to expose the FDIC's efforts to hinder the adoption of cryptocurrencies. This incident has also ignited discussions about the transparency of regulatory actions and information disclosure, raising questions about whether there should be greater transparency and how to better balance the relationship between regulation and innovation.