WASHINGTON — Former U.S. prosecutor and vocal cryptocurrency supporter, John Deaton, has stepped forward with a bold offer to oversee a probe into what he alleges is Operation Chokepoint 2.0, a controversial initiative purported to disconnect cryptocurrency businesses from the mainstream banking network. Deaton, known for his advocacy for the cryptocurrency XRP, proposed to lead this investigation voluntarily, emphasizing his belief that uncovering the truth behind these allegations is more crucial than any financial compensation.
Deaton expressed his concerns in a recent digital post, directly addressing key figures in the anticipated administration of Donald Trump, including President Trump himself, Vice President JD Vance, and influential leaders like Elon Musk and Vivek Ramaswamy. He also targeted Secretary of Commerce Howard Lutnick and David Sacks, appointed to oversee Trump’s initiatives on artificial intelligence and cryptocurrency. His call to action underscores a deep-seated fear of encroaching government overreach and the potential erosion of foundational economic principles.
“This isn’t only about the survival of cryptocurrency industries; it’s about defending the integrity of our institutions against the undue influence of unelected officials,” Deaton stated. He argues that the situation surrounding Custodia Bank’s legal skirmishes and the alleged Operation Chokepoint 2.0 represents a significant tipping point for the United States. According to him, the core issue revolves around whether the U.S. remains a champion of free enterprise or if it succumbs to a reality where bureaucratic discretion can undermine legitimate businesses.
Deaton added, “It’s about discerning whether unelected figures possess the power to deny essential financial services arbitrarily, thus dictating market winners and losers. This kind of unchecked authority threatens the very fabric of a free-market economy essential for businesses to flourish.”
In his discourse, Deaton cited the legal challenges faced by Caitlin Long’s Custodia Bank against the Federal Reserve as pivotal examples of this broader issue. He considers these not only paramount to the crypto world but also critical to the sanctity of free-market capitalism, a cornerstone of American economic ideology.
His involvement and outspokenness on related matters have been consistent. During the Ripple lawsuit, which he described as one of the most substantial non-fraud enforcement actions by the SEC in recent memory, Deaton echoed similar concerns. He views the Custodia Bank case as a battle not just for a single institution, but for the overarching principles of economic liberty and institutional integrity in the country.
While skeptics within the cryptocurrency community might downplay the impact of Operation Chokepoint 2.0, Deaton emphasizes its significance as a defining moment that could determine the trajectory of regulatory oversight in the United States.
Through his voluntary offer and impassioned pleas, Deaton strives to cast a spotlight on these issues, urging the need for transparency and restraint in governmental powers. His efforts highlight an ongoing struggle between the burgeoning technological frontiers of cryptocurrency and established regulatory frameworks.
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