#FDIC Concealed Documents Suppressing the Crypto Industry#
Hot Topic Overview
Overview
The Federal Deposit Insurance Corporation (FDIC) has been accused of a series of improprieties in its crackdown on the crypto industry. Sources say the FDIC has employed various tactics to conceal relevant documents, including labeling them as attorney-client privileged, conducting incomplete searches within its systems, and hiding files on collaboration platforms. At least 150 key documents are alleged to have been withheld. Additionally, the FDIC has been accused of conducting social media investigations into several prominent figures in the industry, including Coinbase's Chief Legal Officer, WSPN CEO, and Custodia Bank founder. These actions have raised concerns about the FDIC's crackdown on the crypto industry and sparked discussions 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 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 Freedom of Information Act (FOIA) disclosure requirements in an operation dubbed "Operation Chokepoint 2.0," including labeling documents as attorney-client privileged, conducting incomplete searches within 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. 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 FOIA requests, revealing the FDIC's efforts to hinder institutions from adopting crypto. This incident has sparked public concerns about the transparency of regulatory actions, with many arguing that regulatory agencies should be more transparent and publicly disclose the rationale and evidence behind their actions.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
FDIC attempted to evade Freedom of Information Act disclosure requests by labeling documents as attorney-client privileged and incomplete searches, in an effort to conceal documents related to its actions against the crypto industry.
FDIC conducted social media investigations of crypto industry critics, attempting to determine if they posed a threat to the FDIC.
FDIC's actions have been accused of being part of Operation Chokepoint 2.0, an effort to restrict access to the crypto industry.
FDIC's actions have lacked transparency, raising questions about whether regulatory actions should be more transparent.