Senator Cynthia Lummis has addressed the Federal Deposit Insurance Corporation (FDIC) with a warning against the destruction of documents related to Operation Choke Point 2.0. The allegations, raised by whistleblowers, involve the FDIC in concealing critical materials linked to an anti-crypto initiative.
Lummis Demands Document Preservation
In a letter dated January 16, 2025, Lummis demanded that FDIC Chair Martin Gruenberg retain all records concerning OCP 2.0. This reportedly entailed combined efforts by several agencies to freeze banking facilities. The pro-crypto senator urged against any moves against whistleblowers or further destruction of records, stating that such actions would result in criminal referrals to the DOJ.
Controversy Surrounding FDIC Practices
The FDIC is also under scrutiny for its role in the closures of Signature Bank и Silvergate Bank, known for their links to the crypto sector. These actions are central to ongoing investigations into a broader crackdown on cryptocurrency businesses. Donald Trump’s advisory team is reportedly exploring eliminating the FDIC as part of a suggested banking sector overhaul. This plan could involve connecting the FDIC with the OCC and transferring deposit insurance obligations to the Treasury Department.
Scott Bessent’s Stance on CBDCs
In a related development, Scott Bessent voiced opposition to implementing a central bank digital currency (CBDC). During a Senate hearing, Bessent argued that the U.S. dollar already serves as a secure investment alternative. His stance aligns with Trump’s pro-Bitcoin policies, emphasizing Bitcoin’s role in safeguarding against foreign adoption of centralized digital currencies.
The situation surrounding the FDIC and proposed changes in the banking sector generate considerable discussion and criticism from both political figures and representatives of the cryptocurrency community. Key figures such as Cynthia Lummis and Scott Bessent play critical roles in shaping future U.S. economic policy.
