Introduction to the Alleged Operation
John Deaton, a renowned lawyer and an outspoken supporter of the XRP cryptocurrency, has taken a bold step by proposing an investigation into the controversial “Operation Choke Point 2.0.” This alleged initiative is believed to be a concerted effort to restrict cryptocurrency companies from accessing traditional banking services, thereby stifling the industry’s growth.
Deaton’s Public Call to Action
On January 4, Deaton expressed his intentions through a post on X (formerly known as Twitter), addressing key figures such as President-elect Donald Trump, Vice President JD Vance, and other members of the upcoming administration. He emphasized that this investigation transcends the boundaries of the crypto industry, framing it as a defense against the erosion of institutional integrity and the unchecked influence of unelected officials.
Potential Implications of Operation Choke Point 2.0
Deaton warned that neglecting to scrutinize these actions could pave the way for a dangerous precedent, where regulatory bodies might clandestinely suppress entire sectors they disfavor, hindering innovation and economic progress. He highlighted the significance of the situation, stating, “A lot of people, including some in crypto, underestimate the significance of ChokePoint 2.0. In the middle of the Ripple case, which I argued was the most significant non-fraud SEC enforcement action in modern history.”
Commitment to Lead the Investigation
In a commendable gesture, Deaton offered to lead the investigation without drawing a salary, asserting that the American public deserves transparency far more than he or anyone requires another taxpayer-funded paycheck. This offer comes in the wake of a crucial legal development, where a court permitted Coinbase to access unredacted documents from the Federal Deposit Insurance Corporation (FDIC). These documents could shed light on the involvement of federal agencies in the alleged operation.
Deaton’s Legal and Political Background
Drawing on his experience as a former prosecutor and Special Assistant United States Attorney, Deaton has expressed a strong commitment to volunteering for a federal investigation into ChokePoint 2.0. His proposal follows his recent electoral defeat in the Massachusetts Senate race against crypto critic Senator Elizabeth Warren. During his campaign, Deaton accused Warren of focusing on anti-crypto policies at the expense of addressing pressing concerns of working-class Americans.
Future Prospects for the Crypto Industry
As the United States gears up for a leadership transition with President-elect Trump, there is cautious optimism among crypto advocates. Many hope that the new administration will alleviate some of the regulatory burdens currently facing the industry, fostering a more conducive environment for innovation and economic opportunity.
