#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, dubbed "Operation Chokepoint 2.0," including withholding relevant documents and conducting social media investigations of critics. Sources say the FDIC has used attorney-client privilege and other tactics to circumvent Freedom of Information Act disclosure requirements and has investigated several prominent industry figures, including Coinbase Chief Legal Officer Paul Grewal. The incident has sparked questions about the FDIC's conduct, with calls for greater transparency in regulatory actions and investigations into the agency's behavior.
Ace Hot Topic Analysis
Analysis
Recently, the U.S. Federal Deposit Insurance Corporation (FDIC) has come under scrutiny for allegedly deliberately concealing documents related to its crackdown on the cryptocurrency industry. According to multiple insiders, the FDIC engaged in a series of improper actions in an operation dubbed "Operation Chokepoint 2.0," including labeling documents as attorney-client privileged to circumvent Freedom of Information Act disclosure requirements, conducting incomplete searches within its regional systems, and hiding documents generated on collaboration platforms like Microsoft Teams. It is alleged that approximately 150 key documents were not submitted. Furthermore, the FDIC is 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 claim these investigations aimed to assess 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. These events have raised concerns about the transparency of regulatory actions and exposed the FDIC's aggressive stance against the cryptocurrency industry.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
The FDIC has attempted to circumvent Freedom of Information Act (FOIA) disclosure requirements by marking documents as attorney-client privileged, conducting incomplete searches in its regional systems, and hiding documents generated on collaboration platforms such as Microsoft Teams.
The FDIC has taken repressive actions against the cryptocurrency industry, including Operation Chokepoint 2.0, aimed at limiting access to the cryptocurrency industry.
The FDIC has conducted social media investigations of cryptocurrency industry critics, including prominent figures such as Coinbase Chief Legal Officer Paul Grewal.
The FDIC's actions lack transparency and may involve misconduct, raising questions about whether regulatory actions should be more transparent.