Senator Cynthia Lummis has called on the Federal Deposit Insurance Corporation (FDIC) to halt any destruction of materials related to its digital asset activities. In a letter addressed to FDIC Chair Marty Gruenberg on January 16, 2025, Lummis stated that whistleblowers have alleged management is closely monitoring access to documents to prevent their disclosure to the Senate.
Senator Cynthia Lummis Sends Letter to FDIC
“I have been contacted by Federal Deposit Insurance Corporation (FDIC) whistleblowers who allege that destruction of materials is occurring with respect to the digital asset activities of your agency,” Lummis wrote. “Certain staff have been threatened with legal action to prevent them from speaking out.”
The letter outlines the materials Lummis demands to be preserved, including documents, communications, and electronic information. These materials pertain to FDIC’s digital asset activities since January 1, 2022, encompassing areas such as the supervision and resolution of Signature Bank and Silvergate Bank, and the FDIC’s coordination with other federal and state banking agencies on digital assets.
The FDIC is attempting to hide Operation Chokepoint 2.0 and the FDIC must preserve all documents related to digital assets immediately. Tim Scott and I will get to the bottom of it. pic.twitter.com/98uLVVs60D
— Senator Cynthia Lummis (@SenLummis) January 16, 2025
Lummis emphasized that any material containing terms such as “crypto,” “cryptocurrency,” “bitcoin,” “ethereum,” and “digital asset” should be preserved. She warned against attempts to classify these documents as privileged or confidential to avoid disclosure.
“For purposes of this letter, ‘preserve’ means securing and maintaining the integrity of all relevant materials… by taking all reasonable steps to prevent the partial or full destruction, alteration, testing, deletion, shredding, incineration, wiping, relocation, migration, theft, mutation, or negligent or reckless handling that could render the information incomplete or inaccessible,” she specified.
Senator’s Strict Warning to FDIC
Lummis also issued a stern warning: “If it is uncovered that you or your staff have knowingly destroyed materials or sought to obstruct the oversight functions of the Senate, I will make swift criminal referrals to the U.S. Department of Justice.”
The letter comes amid broader concerns about regulatory actions targeting the digital asset industry. On X, Lummis accused the FDIC of attempting to conceal evidence of “Operation Chokepoint 2.0.” “The FDIC is attempting to hide Operation Chokepoint 2.0 and the FDIC must preserve all documents related to digital assets immediately. Tim Scott and I will get to the bottom of it,” she wrote.
The FDIC has not yet publicly responded to Lummis’ allegations or her preservation demands.
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