Senator Lummis claims FDIC destroyed Operation Chokepoint 2.0 docs
Wyoming Senator Cynthia Lummis accused the FDIC of destroying documents related to Operation Chokepoint 2.0, which aimed to restrict banking services for crypto firms. Lummis demanded the preservation of all records concerning digital asset activities, including oversight of Signature Bank and liquidation of Silvergate Bank. She warned of potential criminal referrals to the DOJ if document destruction was confirmed. Operation Chokepoint 2.0 significantly affected the crypto industry, prompting over 30 crypto founders, including Coinbase CEO Brian Armstrong, to share their experiences of debanking. Armstrong filed a FOIA request for FDIC letters from 2022 regarding crypto activities, receiving heavily redacted responses. Judge Ana Reyes criticized the redactions as lacking good faith and ordered more transparency. Despite regulatory challenges, many crypto firms adapted by using stablecoins for operations after losing traditional banking access.
