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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

Pro-Bitcoin Senator Accuses FDIC Of Sabotaging Digital Asset Documentation – Details

Ronaldo Marquez
Ronaldo Marquez
4 months ago
3 mins read
Digital asset

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Este artículo también está disponible en español.

In a significant development for the ongoing discourse surrounding the digital asset sector, US Senator Cynthia Lummis (R-WY) has raised serious allegations against the Federal Deposit Insurance Corporation (FDIC). 

In a letter directed to FDIC Chair Marty Gruenberg, Lummis claims whistleblowers from within the agency have reported efforts to destroy documentation related to the FDIC’s digital asset activities. The senator’s letter demands an immediate cessation of these alleged actions in anticipation of Congressional oversight.

FDIC Staff Threatened Over Digital Asset Oversight

Senator Lummis has positioned herself as a strong advocate for Bitcoin (BTC) and other cryptocurrencies, and her concerns about the FDIC come amid heightened scrutiny of the agency’s handling of digital assets. 

In her letter, she emphasizes the gravity of the allegations, stating, “The FDIC’s alleged efforts to destroy and conceal materials from the US Senate related to Operation Chokepoint 2.0 is not only unacceptable, it is illegal.” 

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For context, operation Chokepoint 2.0 refers to a controversial initiative aimed at regulating financial institutions that engage with certain “high-risk industries,” including the digital asset sector.

Lummis’s correspondence outlines specific claims made by whistleblowers who allege that FDIC staff members have faced threats of legal action to discourage them from disclosing information to the Senate. 

She asserts that management has been closely monitoring access to documents to prevent potential leaks before any materials can be destroyed. This alleged behavior, if proven true, violates the principles of transparency that the American public deserves, the Senator stated.

‘Documentation Must Be Secured And Preserved’

In her letter, Lummis explicitly instructs Chair Gruenberg to ensure that all destruction of materials ceases immediately and that all existing documentation related to the FDIC’s digital asset activities since January 1, 2022, is preserved.

The senator defines “digital asset activities” broadly, encompassing a range of topics, including the supervision and resolution of banks involved in the crypto sector—specifically Signature Bank and Silvergate Bank—as well as the development of rules and policies governing digital assets.

Lummis further underscores the importance of retaining any materials containing terms associated with digital assets, such as “crypto,” “cryptocurrency,” “Bitcoin,” and “Ethereum.” 

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She makes it clear that any classification of these documents as confidential or privileged does not exempt them from the Senate’s oversight powers, insisting that the FDIC must take all necessary steps to secure and maintain the integrity of these records.

The senator warns that if evidence emerges indicating that FDIC staff have knowingly destroyed materials or obstructed Senate oversight, she will not hesitate to refer the matter to the US Department of Justice (DOJ) for criminal investigation. 

Digital asset
The daily chart shows BTC’s price trending upwards. Source: BTCUSDT on TradingView.com

At the time of writing, the market’s leading cryptocurrency, Bitcoin, is once again trading above the $101,000 mark, up nearly 8% on a weekly basis. 

Featured image from DALL-E, chart from TradingView.com 

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Ronaldo Marquez
Ronaldo Marquez

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

Read more

Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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