The Federal Deposit Insurance Corporation (FDIC) has released 790 pages of additional correspondence related to firms offering crypto services to clients.
New FDIC Document Batch
According to the FDIC, the released documents show requests from banks and other institutions to offer crypto services to clients were almost always met with resistance, delays, constant requests for more information and pause letters. The newly revealed document tranche included previously released correspondence from 24 banking firms and additional correspondence from other firms that requested permission to offer crypto-related services. FDIC Acting Chairman Travis Hill indicated that the agency is actively reevaluating its supervisory approach to crypto-related activities, signaling a shift in stance.
Freedom of Information Act Requests
Coinbase filed two Freedom of Information Act (FOIA) requests for FDIC documents related to the debanking of crypto firms under 'Operation Chokepoint 2.0'. One of the requests sought documentation relating to a 15% cap on bank deposits from crypto-related companies. A US court released the initial tranche of FDIC documents in December 2024, which included several heavily redacted pause letters sent to banks offering crypto services. Following the release, US Judge Ana Reyes chastised the FDIC for the heavy redactions and ordered the agency to produce more transparent documents.
Allegations of Document Destruction
Wyoming Senator Cynthia Lummis accused the FDIC of destroying documents related to 'Operation Chokepoint 2.0' in January 2025 and instructed the agency to preserve all records relating to 'digital asset activities' from 2022 onward. Senator Lummis also threatened to make criminal referrals to the US Department of Justice if the destruction of evidence by FDIC employees was discovered by the Senate Banking Committee.
The release of FDIC documents raises questions about the agency's supervisory practices and its position on the crypto industry. The regulator's subsequent actions could significantly impact future regulation of crypto services.
