John Deaton, a prominent advocate for the cryptocurrency industry, has stepped forward to lead an investigation into the alleged “Operation Choke Point 2.0.” This initiative is believed to be aimed at restricting cryptocurrency companies from accessing traditional banking services. In a post on X (formerly Twitter) on January 4, Deaton addressed President-elect Donald Trump, Vice President JD Vance, and other members of the incoming administration, offering to spearhead the investigation.
Deaton emphasized the importance of challenging actions that erode institutional integrity and unchecked power from unelected bureaucrats. He warned that if left unaddressed, such actions could set a dangerous precedent where regulatory bodies could quietly suppress entire industries they disapprove of, stifling innovation and economic opportunity.
In his post, Deaton highlighted the significance of Operation Choke Point 2.0, stating that it is taking place in the midst of the Ripple case, which he argued was the most significant non-fraud enforcement action by the SEC in modern history.
Offering to lead the investigation without salary, Deaton stressed that the American public deserves the truth more than anyone needs another taxpayer-funded paycheck. His proposal comes following a recent legal development in the case, where a court granted Coinbase access to unredacted documents from the Federal Deposit Insurance Corporation (FDIC), shedding light on the potential role of federal agencies in the alleged operation.
Deaton’s call to action follows his recent defeat in the Massachusetts Senate race, where he ran against crypto critic Senator Elizabeth Warren. Throughout the campaign, Deaton criticized Warren for prioritizing anti-crypto policies over addressing critical issues faced by working-class Americans.
As the U.S. braces for a change in leadership with President-elect Trump, many in the crypto industry are hopeful that the incoming administration will alleviate regulatory burdens and support innovation in the sector. Deaton’s commitment to investigating Operation Choke Point 2.0 reflects a broader effort to ensure transparency and accountability in regulatory actions affecting the cryptocurrency industry.