From bitcoin news by Sergio Goschenko
The Federal Deposit Insurance Corporation (FDIC) is in the spotlight after a group of whistleblowers brought up allegations of its deep involvement in Operation Chokepoint 2.0, an organized undertaking targeting crypto businesses.
FDIC Exposed, a social media account, declared it had access to tapes recorded by insiders that include private calls, agency phone conversations, and Microsoft Teams meetings exposing the corporation’s anti-crypto stance.
The agency allegedly laughed at the possible attempts of crypto supporters to make it accountable for its actions. FDIC members stated that their dedicated media team would allow them to win any case, and mocked several crypto detractors, including Castle Island Ventures partner Nic Carter.
Also, FDIC executives discussed several ways of sidestepping FOIA requests, including mislabeling documents and including attorneys in meetings to claim attorney-client privilege.
Whistleblowers also claim that executives in charge of media affairs discussed making “quid pro quo” arrangements with journalists to trade high-profile information in exchange for less harsh coverage of key issues, such as Operation Chokepoint 2.0.
FDIC Exposed affirms that FDIC employees aired vendettas against crypto companies like Custodia Bank and Coinbase for not giving in to the organization’s demands. Agency executives even stated that employees of these were “assholes who think they know how to regulate themselves.”
The future of the agency and the fear of crypto as a financial disruptor were also touched on. Executives expressed worries about the future of the over 5,000 employees of the agency if blockchain and Web3 adoption keeps growing without the involvement of banks.
An undisclosed FDIC employee allegedly asked, “Who needs deposit insurance when you can’t lose money on the blockchain?”
These revelations spurred reactions from the crypto-supporting community. Senator Cynthia Lummis qualified these claims as “bone-chilling,” remarking that she will work with Senate Banking Chair Tim Scott to get to the bottom of this issue.
