Senator Cynthia Lummis has accused the Federal Deposit Insurance Corporation (FDIC) of destroying documents related to Operation Chokepoint 2.0, an initiative targeting crypto-related firms' access to banking services. In a letter addressed to the FDIC, Lummis highlighted that whistleblowers had informed her about the alleged document destruction. She demanded an immediate cease to this destruction and the preservation of all records relating to digital asset activities. The Senator warned that if it is found that FDIC staff have intentionally destroyed materials or obstructed Senate oversight, she would seek criminal referrals to the Department of Justice. Operation Chokepoint 2.0 was notably contentious during the 2024 U.S. election, drawing criticism from industry advocacy groups. Amidst regulatory pressures, some crypto firms managed to adapt and continue their operations despite losing traditional banking relationships. In a related development, Coinbase CEO Brian Armstrong filed a Freedom of Information request aimed at revealing FDIC communications, which led to Court intervention regarding the heavily redacted response provided by the agency.

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