The documents include previously released communications from 24 banking institutions, as well as additional requests from other institutions seeking to expand crypto services. The FDIC’s restrictive approach is evident in these records.
“Looking ahead, we are actively reevaluating our regulatory approach to crypto-related activities,” said FDIC Acting Chairman Travis Hill, a statement that suggests a shift in regulatory strategy.

Documents released after FOIA request
The Freedom of Information Act (FOIA) request that led to the release of this document was filed by Coinbase in October 2024. The company requested that the FDIC provide records related to the closure of crypto companies under the so-called Operation Chokepoint 2.0.
The deletions prompted a response from U.S. Judge Ana Reyes, who criticized the FDIC for excessive censorship. In a Dec. 12 order, she wrote: "The FDIC cannot simply delete everything that is not a noun or preposition." She described the deletions as a "lack of good faith effort."

Senator Cynthia Loomis accused the FDIC of destroying documents related to Operation Chokepoint 2.0. In January 2025, she sent a letter asking the agency to preserve all records related to digital asset activities starting in 2022.

The senator warned that if she found FDIC employees destroying evidence, she would report the matter to the U.S. Department of Justice. The Senate Banking Committee is also closely watching the issue.
In her letter, Loomis referenced whistleblower allegations, claiming that FDIC management closely monitors employee access to materials and threatens legal action to prevent employees from speaking out. She requested a preservation of all documents, communications, and metadata related to digital asset activities, including resolutions of Signature and Silvergate banks, enforcement actions, and coordination with federal and state banking agencies. She warned that privilege or any assertion of non-preservation would not exempt the agency from complying with Senate oversight.