#FDIC Concealed Documents Suppressing the Crypto Industry#
Hot Topic Overview
Overview
The Federal Deposit Insurance Corporation (FDIC) has been accused of a series of misconduct in its crackdown on the crypto industry, dubbed "Operation Chokepoint 2.0," including withholding documents and conducting social media investigations of critics. Sources say the FDIC has employed various tactics to circumvent disclosure requirements under the Freedom of Information Act and has investigated several prominent industry figures, including Coinbase Chief Legal Officer Paul Grewal. This incident has raised questions about the FDIC's actions and sparked a debate about the transparency of regulatory actions.
Ace Hot Topic Analysis
Analysis
Recently, the Federal Deposit Insurance Corporation (FDIC) has been accused of deliberately concealing documents that suppress the cryptocurrency industry, raising concerns about the agency's transparency and regulatory practices. According to multiple sources, the FDIC has employed various tactics to circumvent disclosure requirements under the Freedom of Information Act (FOIA) in an operation dubbed "Operation Chokepoint 2.0." These tactics include labeling documents as attorney-client privileged, conducting incomplete searches within regional systems, and hiding documents generated on collaborative platforms like Microsoft Teams. It is alleged 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 claim that these investigations aimed to assess whether these individuals posed a threat to the FDIC. Coinbase has been actively seeking the release of documents through FOIA requests, revealing the FDIC's efforts to hinder the adoption of crypto by institutions. This incident has sparked questions about the FDIC's conduct, with calls for greater transparency in regulatory actions and a deeper investigation into the agency's behavior.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
FDIC attempted to conceal documents related to its crackdown on the crypto industry and used tactics like attorney-client privilege to avoid disclosure requirements under the Freedom of Information Act.
FDIC has taken action against the crypto industry under a program called Operation Chokepoint 2.0, aimed at limiting access for crypto businesses.
FDIC has conducted social media investigations into multiple critics, attempting to suppress criticism.
Institutions like Coinbase are actively seeking to release documents through FOIA requests, revealing FDIC's efforts to prevent institutions from adopting crypto.