#FDIC Concealed Documents Suppressing the Crypto Industry#
Hot Topic Overview
Overview
Recently, the Federal Deposit Insurance Corporation (FDIC) has been accused of misconduct in its "Operation Chokepoint 2.0" campaign against the cryptocurrency industry. This includes allegations of concealing relevant documents and conducting social media investigations of critics. According to insiders, the FDIC has evaded Freedom of Information Act disclosure requirements by labeling documents as attorney-client privileged, conducting incomplete searches within its systems, and hiding files on collaborative platforms. The agency has also reportedly conducted social media investigations of prominent figures, including Coinbase's Chief Legal Officer. This incident has raised concerns about the FDIC's conduct and underscores the importance of transparency and fairness from regulators in the development of the cryptocurrency industry.
Ace Hot Topic Analysis
Analysis
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 transparency and regulatory practices. According to sources, 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. 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 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. These actions have sparked concerns about whether the FDIC is using its power to suppress the development of the cryptocurrency industry. 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 underscores the importance of transparency and fairness in how regulators handle emerging technologies, and it has sparked discussions about whether regulatory actions should be more transparent.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
The FDIC has attempted to circumvent FOIA disclosure requirements by labeling documents as attorney-client privileged, incomplete search systems, and hiding collaborative platform files.
The FDIC has taken a crackdown approach to the crypto industry, including restricting entry into the crypto industry and conducting social media investigations of critics.
The FDIC's actions lack transparency and attempt to conceal its crackdown on the crypto industry.
Regulatory actions should be more transparent to ensure public trust in regulators.