These documents contain previously released correspondences from 24 banking firms, as well as additional requests from other institutions seeking to enter the crypto services industry. The FDIC’s cautious approach to these requests is evident throughout the records.
FDIC Acting Chairman Travis Hill stated, “Moving forward, we are actively reassessing our supervisory approach to crypto-related activities.” This statement suggests a shift in regulatory strategy.
The release of these documents was prompted by Freedom of Information Act (FOIA) requests filed by Coinbase in October 2024. The company requested FDIC records related to the exclusion of crypto firms under what has been referred to as Operation Chokepoint 2.0.
The redactions in the released documents drew a response from U.S. Judge Ana Reyes, who criticized the FDIC for excessive censorship. In an order dated December 12, she wrote, “The FDIC cannot simply redact everything that is not an article or preposition.” She described the redactions as a “lack of good-faith effort.”
Senator Cynthia Lummis has accused the FDIC of destroying documents related to Operation Chokepoint 2.0. In January 2025, she sent a letter instructing the agency to preserve all records on digital asset activities from 2022 onwards.
The senator warned that if FDIC employees were found to have destroyed evidence, she would refer the matter to the U.S. Department of Justice. The Senate Banking Committee is also closely monitoring the issue.
In her letter, Lummis referred to whistleblower allegations claiming that FDIC management closely monitored staff access to materials and threatened legal action to prevent employees from speaking out. She demanded the preservation of all documents, communications, and metadata related to digital asset activities, including the resolution of Signature and Silvergate Banks, enforcement actions, and coordination with federal and state banking agencies. She warned that any claims of privilege or non-preservation would not exempt the agency from complying with Senate oversight.
