YEREVAN (CoinChapter.com) — Former U.S. prosecutor John Deaton has proposed leading an investigation into Operation Chokepoint 2.0, a rumored effort to cut off the crypto industry from traditional banking. Deaton made his offer in a Jan. 4 X post, directed to President Donald Trump, Vice President JD Vance, and other key figures in the incoming administration. He volunteered to take on the role without a salary.
“If these actions go unchallenged, it creates a dangerous precedent where regulatory bodies can quietly suppress entire industries they disfavor,”
Deaton wrote. He also addressed officials like Commerce Secretary Howard Lutnik and David Sacks, who is set to oversee crypto and AI initiatives under the new administration.
John Deaton Chokepoint Statement. Source: John E Deaton on XConcerns About Federal Actions Against the Crypto Industry
Deaton highlighted concerns over regulatory overreach, warning that unchecked actions could affect not just the crypto industry but other sectors. He described this as a critical issue for maintaining institutional integrity.
“This isn’t just a fight for crypto, it’s a fight against the erosion of institutional integrity and the unchecked power of unelected bureaucrats,”
He added.
Operation Chokepoint 2.0 is a rumored federal initiative that aims to pressure to limit or refuse services to crypto firms. Deaton argued that exposing the truth behind these actions is essential for transparency.
Coinbase Gains Access to FDIC Documents
The alleged architect of Operation Chokepoint 2.0, Martin Gruenberg, stepped down as FDIC Chair in November. This resignation followed growing scrutiny over the agency’s potential role in targeting the crypto industry. Meanwhile, crypto firms like Binance have struggled to find banking partners after Silvergate Bank and Signature Bank collapses in March 2023.
Deaton’s Continued Advocacy Amid Senate Loss
Deaton’s proposal follows his recent loss in the Massachusetts Senate race to Senator Elizabeth Warren on Nov. 5. During his campaign, he criticized Warren’s anti-crypto stance. He accused her of prioritizing an “anti-crypto army” over addressing issues impacting middle and lower-class citizens.
Despite losing the race, Deaton remains active in tackling the challenges the crypto industry faces. By offering to lead this investigation, he has placed himself at the center of discussions about federal actions and their effect on cryptocurrency.
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