John Deaton, a past U.S. prosecutor who’s also pro-cryptocurrency, has proposed to the incoming Trump administration that he heads an investigation into Operation Chokepoint 2.0 – a speculated project said to have aimed at excluding crypto businesses from traditional banking networks.
If these actions are not opposed, they could establish a harmful pattern where regulatory bodies might secretly hinder industries they’re not fond of, thereby hindering innovation, competition, and economic advancement,” Deaton pointed out in a post dated January 4th, directed towards the incoming U.S. President Donald Trump, Vice President JD Vance, as well as Elon Musk and Vivek Ramaswamy from the Department of Government Efficiency.
In his recent post on X, Deaton expressed that this isn’t merely a struggle for cryptocurrency, but rather it’s a battle against the gradual undermining of institutional trustworthiness and the unchecked authority of bureaucrats who aren’t elected. He also directed his message to Secretary of Commerce Howard Lutnik and David Sacks, who will head Trump’s team focusing on AI and crypto.
Known for his involvement in Ripple‘s court case against the U.S. securities regulator, Deaton expressed a willingness to take on the role, regardless of compensation.
“The American people deserve the truth a hell of a lot more than I or anyone else needs another taxpayer funded paycheck.”
The court’s ruling permitted Coinbase to acquire unmasked documents from the Federal Deposit Insurance Corporation, which they could then use to examine their part in the speculated Operation Chokepoint 2.0.
Paul Grewal, Coinbase’s top lawyer, pointed out that they appear to be working together in an organized manner to halt a broad range of cryptocurrency activities, encompassing everything from simple Bitcoin transactions to intricate services,” after examining the documents.
In November, Martin Gruenberg, who was reportedly the mastermind behind Operation Chokepoint 2.0, stepped down from his position as the Chair of the FDIC (Federal Deposit Insurance Corporation).
As a crypto investor, I’ve been closely watching the situation unfold regarding potential government pressure on banks to restrict or refuse services to cryptocurrency companies. This rumored initiative, yet to be confirmed, could explain why major exchanges like Binance have been struggling to find local banking partners after the collapses of Silvergate and Signature Bank in March 2023.
Deaton’s latest project arises following his defeat in the U.S. election on November 5, where he was running for a Massachusetts Senate seat against Democratic Senator Elizabeth Warren.
In the lead-up to their two intense Senate debates, Warren managed to secure a decisive win over Deaton, who accused her of focusing on assembling an “anti-cryptocurrency coalition” rather than addressing matters significant to the state’s working and middle classes.
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2025-01-05 04:03