Senator Cynthia Lummis has accused the Federal Deposit Insurance Corporation of mishandling cryptocurrency oversight, including document destruction and employee intimidation.
Allegations Against FDIC
In a letter to FDIC Chair Marty Gruenberg, Lummis claims whistleblowers reported the destruction of key documents and restricted staff access to data. The senator demanded the preservation of all materials related to digital assets since January 2022, including communications about Signature Bank and Silvergate Bank.
Lummis's Context and Support
Lummis also warned of possible criminal charges if the FDIC obstructed Senate oversight. She called for an end to whistleblower retaliation and urged the preservation of all evidence. The senator stressed her commitment to ensuring public trust in federal agencies.
Crypto Regulatory Challenges
The focus is on initiatives echoing the Obama-era 'Chokepoint' Operation against firearms dealers and payday lenders. Lummis supports an investigation with Senator Tim Scott. The crypto industry accuses the FDIC of overreach. Pro-crypto voices, like John Deaton, warn of unchecked bureaucratic power and the erosion of institutional integrity.
The cryptocurrency industry is committed to ensuring accountability and fair treatment from regulators, continuing to push for transparency in their activities.
