SHOCKING Allegations: Senator Lummis Claims FDIC is Hiding Bitcoin Secrets!

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In a notable turn of events concerning the debate about digital assets, U.S. Senator Cynthia Lummis (R-WY) has leveled serious accusations towards the Federal Deposit Insurance Corporation (FDIC).

In a letter to Chair Marty Gruenberg of the FDIC, Senator Lummis alleges that insiders within the agency have disclosed attempts to delete records concerning the FDIC’s involvement with digital assets. The senator is urging an immediate halt to these suspected actions, as Congressional scrutiny is expected to follow.

FDIC Staff Threatened Over Digital Asset Oversight

As an analyst, I find myself aligning with Senator Lummis’ stance as a fervent supporter of Bitcoin (BTC) and related cryptocurrencies. Her apprehensions about the Federal Deposit Insurance Corporation (FDIC), surface at a time when there is increased examination of the agency’s management of digital assets, raising valid questions about its readiness to adapt and secure this evolving financial landscape.

In my analysis, I underscore the severity of the accusations levied against the FDIC, pointing out that their reported attempts to discard and hide materials pertaining to Operation Chokepoint 2.0 from the U.S Senate are not just inappropriate, but they also constitute illegal actions.

In simpler terms, Operation Chokepoint 2.0 is a contentious plan proposed for controlling financial entities interacting with specific “higher-risk fields,” such as the cryptocurrency market.

In a series of letters, Lummis highlights assertions from whistleblowers suggesting that employees at the Federal Deposit Insurance Corporation were intimidated with potential lawsuits as a means to prevent them from sharing sensitive data with the Senate.

She claims that management has been carefully overseeing who gets access to documents in order to stop any leaks before sensitive information is lost or destroyed. If this practice is found to be accurate, it would go against the values of openness and transparency that the American people are entitled to, according to the Senator.

‘Documentation Must Be Secured And Preserved’

In her correspondence, Lummis clearly orders Chair Gruenberg to halt any destruction of materials instantly and keep all records pertaining to the FDIC’s digital asset operations since January 1, 2022, safe.

The senator expands his definition of “digital asset-related activities” to cover various subjects, such as overseeing and resolving issues with banks operating in the cryptocurrency industry, specifically Signature Bank and Silvergate Bank, along with establishing regulations and guidelines for digital assets.

Lummis emphasizes once more the significance of keeping any documents that involve phrases connected to digital currencies, including “cryptocurrency,” “Bitcoin,” “Ethereum,” and similar terms.

She unequivocally states that labeling these files as confidential or privileged doesn’t shield them from the Senate’s authority to oversee. Emphasizing that the FDIC should do everything required to safeguard and uphold the authenticity of these records.

The senator cautions that if it’s found out that FDIC employees deliberately destroyed documents or hindered Senate investigations, she is ready to immediately report this potential misconduct to the United States Department of Justice (DOJ), for a thorough criminal examination.

Currently, as I’m typing this, the top cryptocurrency in the market, Bitcoin, has surpassed the $101,000 threshold once more and is showing an increase of almost 8% over the past week.

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2025-01-17 07:34