Senator Cynthia Lummis (R-Wyoming) has accused the Federal Deposit Insurance Corporation (FDIC) of attempting to conceal information about Operation ChokePoint 2.0, an initiative allegedly pressuring banks to limit services to the digital asset sector. Lummis shared her statement in a January 18 post on X.
"FDIC is attempting to hide Operation Chokepoint 2.0," said Lummis. "I will get to the bottom of it."
According to Lummis, she will collaborate with Senator Tim Scott to investigate the FDIC’s actions concerning digital assets and transparency as part of her commitment to protecting cryptocurrency innovation.
In a letter addressed to FDIC Chair Marty Gruenberg on January 16, Lummis called for the immediate preservation of all materials related to digital asset activities dating back to January 1, 2022. This includes documents, communications, electronic records, and metadata concerning the supervision and resolution of banks like Signature Bank and Silvergate Bank, as well as broader FDIC policies, enforcement actions, and communications involving digital assets. She also revealed that whistleblowers had informed her that the FDIC was destroying materials and monitoring staff to prevent information from being shared with the Senate.
Operation ChokePoint 2.0 refers to federal banking agencies pressuring banks to limit services to the digital asset sector, echoing the original Operation ChokePoint which targeted politically disfavored industries. Paul Hastings has said that this informal guidance has made it increasingly difficult for crypto businesses to access banking services.
Lummis is Wyoming’s first female U.S. Senator with a career spanning both state and federal roles, including U.S. Representative and State Treasurer. A rancher and University of Wyoming graduate, she champions conservative values, public land access, and Wyoming’s energy industries.