A crypto lawyer and XRP advocate, John Deaton, is calling for a full investigation into what he calls “ChokePoint 2.0″—a renewed effort by government agencies to limit banks’ involvement with the crypto industry. This isn’t just about crypto, he says; it’s about protecting free markets.
The Chokehold on Crypto
Operation ChokePoint, initially launched in 2013, aimed to restrict certain businesses’ access to banking services. Now, newly released letters from the Federal Deposit Insurance Corporation (FDIC) suggest a similar campaign is underway, targeting crypto. These letters instructed banks to essentially pause their crypto-related activities.
Deaton, a former prosecutor, is deeply concerned. He believes this action undermines free markets and competition, and he’s offering to lead a federal investigation into the matter—for free. He’s even calling on influential figures like President Trump, Vice President Vance, and Elon Musk to take notice.
A Fight for Free Markets
Deaton argues this isn’t just about cryptocurrencies or blockchain technology. It’s about holding powerful, unelected officials accountable for potentially abusing their power to limit access to financial systems. He believes the American public deserves transparency and accountability.
His call to action isn’t falling on deaf ears. The crypto community is largely supportive, and Coinbase, a major cryptocurrency exchange, has even released redacted FDIC letters obtained through a court order, shedding more light on the situation. Industry expert Nic Carter has also publicly supported the push for an investigation.
Gaining Momentum
Deaton’s public appeal is gaining traction. He’s not only calling for an investigation but also urging Congress and Coinbase’s Paul Grewal to officially launch an inquiry into the FDIC’s actions. The fight, he says, is for institutional integrity.
