XRP advocate and legal expert, John Deaton, has expressed his willingness to assist the incoming Trump Administration in investigating “Operation Choke Point 2.0.” In a recent social media post, Deaton emphasized that he is not looking for monetary compensation but rather aims to uncover potential multiagency coordination and corruption linked to the government’s alleged attempts to de-bank cryptocurrency firms.
Deaton has highlighted Custodia Bank’s legal battle against the U.S. Federal Reserve as a pivotal case in the crypto industry. He believes that this case is crucial as it goes beyond digital assets and banking charters, raising questions about the ability of unelected officials to arbitrarily deny access to essential financial infrastructure. Deaton argues that if left unchallenged, such actions could set a dangerous precedent where regulatory bodies have unchecked power to suppress entire industries, hindering innovation, competition, and economic growth.
The discussion around Operation Choke Point 2.0 has gained traction, with Coinbase’s chief legal officer, Paul Grewal, also drawing attention to the issue. Grewal revealed that documents obtained by the exchange indicate that the FDIC was actively working to impede various activities within the crypto industry. Coinbase filed Freedom of Information Act requests related to the FDIC’s communications with banks regarding crypto services, uncovering evidence of a deliberate effort by the government to stifle the industry’s growth.
Grewal pointed out that the unredacted OCP 2.0 letters from the FDIC reveal a coordinated attempt to halt a wide range of crypto activities, from basic Bitcoin transactions to more complex offerings. He called for further scrutiny of these actions by the new Congress, emphasizing the need for hearings to address the situation promptly.
As the conversation around Operation Choke Point 2.0 continues to unfold, it is evident that key figures like Deaton and Grewal are determined to shed light on potential regulatory overreach and its impact on the crypto industry. Their efforts underscore the importance of upholding principles of free enterprise and the rule of law in navigating the evolving landscape of digital assets.
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(Image source: Midjourney)