John Deaton, a prominent crypto advocate and attorney, has encouraged the incoming administration to start a federal probe into Operation Chokepoint 2.0, which allegedly aims to isolate cryptocurrency companies from traditional financial networks. Deaton’s appeal emphasizes the risks of uncontrolled regulatory power and its influence on innovation and competition.
In a public statement, Deaton voiced fear that neglecting to investigate this situation would set a disastrous precedent. He expressed concern: “Allowing these actions to go unchallenged enables regulatory agencies to stifle industries they disfavor, curbing economic opportunity and technological progress.”
Fight for Transparency and Integrity.Deaton has offered to oversee the probe without money, prioritizing accountability over personal benefit. He told reporters that the American people deserve clarity more than he needs another taxpayer-funded paycheck.
His appeal to action comes after a court decision granting Coinbase access to unredacted Federal Deposit Insurance Corporation (FDIC) data. These files allegedly reveal a coordinated effort to thwart crypto-related activity ranging from basic Bitcoin transactions to more complex blockchain services.
Allegations against Operation Chokepoint 2.0The unproven initiative is thought to have included pressure on banks to restrict services for bitcoin startups. According to industry insiders, this resulted in substantial setbacks for startups like as Binance, which struggled to establish banking agreements after the bankruptcy of Silvergate and Signature Bank in 2023.
Broader implications for the cryptocurrency industryDeaton’s appeal comes amid ongoing concerns about the regulatory climate for cryptocurrency in the United States. He has stated that transparency and fair policies are critical to stimulating innovation and sustaining global competitiveness in financial technology.
Despite losing a recent Senate battle to Elizabeth Warren, a strong critic of cryptocurrency, Deaton is still devoted to working for the business. He has opposed rules that he believes are anti-innovation and harmful to the growth of the cryptocurrency industry.
By advocating for a thorough investigation, Deaton hopes to guarantee that regulatory authorities are held accountable for their actions, opening the way for a more balanced and transparent approach to cryptocurrency monitoring.
