#FDIC Concealed Documents Suppressing the Crypto Industry#

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 regulatory transparency and the legitimacy of its actions. According to reports, the FDIC, in an operation dubbed "Operation Chokepoint 2.0," has employed various tactics to circumvent disclosure requirements under the Freedom of Information Act, including labeling documents as attorney-client privileged, conducting incomplete searches within its regional systems, and hiding documents 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. Sources indicate that they were personally assigned to investigate whether these individuals posed a threat to the FDIC. This series of actions has sparked concerns about the FDIC's regulatory transparency and the legitimacy of its actions, prompting discussions about whether regulatory actions should be more transparent. Coinbase has been actively seeking to release documents through Freedom of Information Act requests, revealing the FDIC's efforts to hinder institutions from adopting cryptocurrencies. This incident underscores the need for regulatory agencies to be more transparent and open when dealing with emerging technologies, ensuring the fairness and effectiveness of regulation.