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Trump has promised to ease regulatory enforcement of the crypto industry, and the SEC last month set up a crypto task force to engage with the industry and has paused some of its crypto-related lawsuits.
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However, he alleges that FDIC limited “their search for pause letters to only those contained in the report — so other pause letters may exist.”
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The 25 FDIC letters that were shared seemingly advised financial institutions to halt their crypto operations until the agency completed regulatory reviews as part of what the crypto industry believes was a concerted effort to cut off crypto-related firms from banking services dubbed “Operation Chokepoint 2.0.”
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The firm claimed that “public whistleblower allegations have surfaced” that alleged the agency “systematically thwarts FOIA requests,” which it said resulted in the FDIC failing to hand over at least 150 documents related to its FOIA request.
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In a Jan. 17 status report to a Washington, DC, federal court, History Associates said the FDIC “may have omitted additional pause letters entirely” and that it plans to update its lawsuit with new allegations.
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Ilya Lichtenstein and Heather Morgan, the husband and wife behind laundering millions of dollars worth of Bitcoin from the 2016 hack of cryptocurrency exchange Bitfinex, have both been sentenced to prison.
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Carmona was among the first of his IcomTech cohorts to ring in the New Year in prison. Two of the project’s promoters, Gustavo Rodriguez and David Brend, were also convicted for their roles in the scheme. A judge sentenced Rodriguez to eight years in prison, while Brend received 10 years. Brend reported to the Federal Prison Camp in Pensacola, Florida, on Dec. 16.
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Despite a recommendation that he serve his time in a New York-area facility, Bureau of Prison records showed Carmona was housed at the Federal Correctional Institution in Ashland, Kentucky, as of December.
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David Carmona, the founder of the crypto Ponzi scheme IcomTech, has been held in US detention since his 2022 arrest and received a 10-year sentence from a federal judge in 2024.
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After Donald Trump won the election on Nov. 5, pro-crypto Senator Cynthia Lummis said she would move forward with legislation for the US government to buy Bitcoin and hold it for at least 20 years.
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“If one country implements a Bitcoin strategic reserve, you can kiss goodbye to your 4-year cycles,” crypto analyst Tyler Durden said in a Dec. 17 X post.
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Meanwhile, the possibility of the incoming Trump administration creating a strategic Bitcoin reserve in the United States has the crypto industry speculating that the market narrative could move into uncharted territory.
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“In the less likely scenario that the extended 2017 cycle repeats with similar diminishing returns, Bitcoin could peak around $290,000 by early 2026,” they said.
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Bitfinex analysts said that if Bitcoin mirrors the 2021 cycle, with a roughly 40 percent increase above its moving averages, it could potentially “reach around $339,000.”
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Bitcoin author Andy Edstrom said on Dec. 16 that he is already “struggling to get used to the fact that $1,000 is less than a 1% move in Bitcoin’s price.”
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“Long-term, I’m looking for Bitcoin to match the market cap of gold, which would price Bitcoin at $900,000,” Carter told Bloomberg Television on Dec. 17.
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At the time of publication, Bitcoin was trading at $105,360, a price that Castle Island Ventures’ partner Nic Carter said could grow nearly ninefold in the long term.
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“The BTC ETFs are one of the largest cohorts of Bitcoin holders at over 1.13 million BTC,” the analysts said.
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About $36 billion has flowed into United States-based spot Bitcoin ETFs since they launched in January, Farside Investors data shows.
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This “wasn’t just some crypto conspiracy theory,” Grewal posted on X on Dec. 6. “[The FDIC] is still hiding behind way overbroad redactions.”
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