Senator Cynthia Lummis threatened criminal referrals to FDIC employees allegedly involved in the destruction of documents related to “Operation Choke Point 2.0.”

A whistleblower at the US Federal Deposit Insurance Corporation has alerted policymakers to alleged efforts within the agency to withhold and destroy information related to what industry advocates have called an anti-crypto campaign.

The initiative, referred to as “Operation Choke Point 2.0” (OCP 2.0), involves a multi-agency crackdown on cryptocurrency companies, with the primary aim of denying the nascent sector access to banking services.

In a letter dated January 16 Directed Before FDIC Chairman Marty Gruenberg, Senator Cynthia Lummis of Wyoming warned agency employees against tampering with documents related to OCP 2.0.

Loomis promised criminal referrals to anyone found involved in the allegations and demanded the preservation of all relevant materials, including those relating to the liquidation of Signature Bank and Silvergate Bank. Notably, Gruenberg has already done so Announce His resignation before the incoming Trump administration.

Whistleblowers have also informed me that staff access to these materials is closely monitored by management to prevent them from being presented to the Senate before they are destroyed, and that some staff have been threatened with legal action to prevent them from speaking publicly. This is illegal and unacceptable. You are directed to ensure that your employees cease and desist from destroying all materials and to immediately end all retaliatory actions... If you or your employees are found to have intentionally destroyed materials or sought to obstruct the Senate's oversight functions, this will result in expedited prosecution Criminal referrals1 to the Department of Justice American.

Senator Cynthia Lummis to FDIC Chairman Marty Gruenberg

The battle over documents related to OCP 2.0 has been a controversial issue between the Federal Deposit Insurance Corporation (FDIC) and cryptocurrency participants. Giants like Coinbase have sued the agency for access to files, including the so-called “stop letter,” which allegedly directs financial institutions to “debank” cryptocurrency companies.

The judge ordered the FDIC to produce the relevant documents. However, Coinbase said that the information provided has been significantly redacted.

Second injunction discipline The federal agency called for bad faith practices related to the case and requested the FDIC's full cooperation. Recent FDIC Sales Reveal Attempt to Cover Up OCP 2.0 as Agency Surprisingly Released More documents after court scrutiny, according to Coinbase CLO Paul Grewal.