John Deaton, a well-known pro-XRP lawyer and advocate for the cryptocurrency industry, has offered to spearhead an investigation into the alleged “Operation Choke Point 2.0,” a supposed initiative aimed at restricting cryptocurrency companies from accessing traditional banking services. Deaton made his proposal in a post on X (formerly Twitter) on January 4, addressing President-elect Donald Trump, Vice President JD Vance, and other members of the incoming administration.
Deaton framed the investigation as a critical matter that extends beyond the crypto industry, calling it a fight against the erosion of institutional integrity and unchecked power from unelected bureaucrats. He warned that failure to challenge these actions would set a dangerous precedent, where regulatory bodies could quietly suppress entire industries they disapprove of, hindering innovation and economic opportunity.
“A lot of people, including some in crypto, underestimate the significance of ChokePoint 2.0. In the middle of the @Ripple case, which I argued was the most significant non-fraud @SECGov enforcement action in modern history,” he wrote.
In his post, Deaton offered to lead the investigation into this alleged operation without salary, saying that the American public deserves the truth far more than anyone needs another taxpayer-funded paycheck. His comments follow a significant legal development in the case, as a court recently allowed Coinbase to access unredacted documents from the Federal Deposit Insurance Corporation (FDIC). These documents could provide further insight into the role federal agencies may have played in the supposed operation.
Deaton’s proposal comes on the heels of his recent defeat in the Massachusetts Senate race, where he ran against crypto critic Senator Elizabeth Warren. During the campaign, Deaton accused Warren of prioritizing anti-crypto policies over addressing critical issues faced by working-class Americans.
As the U.S. prepares for a change in leadership with President-elect Trump, many crypto advocates are hopeful that the incoming administration will ease regulatory burdens on the industry.
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