John Deaton, a prominent pro-crypto lawyer and former U.S. prosecutor, has offered to lead a federal investigation into the alleged "Operation Chokepoint 2.0," a rumored initiative aimed at severing cryptocurrency companies from traditional banking services.

In a post on X (formerly Twitter) dated January 4, 2025, Deaton addressed President-elect Donald Trump, Vice President JD Vance, and other incoming administration officials, expressing his willingness to undertake the investigation without compensation. He emphasized that the issue extends beyond the crypto industry, highlighting concerns about the unchecked power of regulatory bodies and the potential suppression of lawful businesses.

Deaton's call for action follows recent developments, including a court order permitting Coinbase to access unredacted documents from the Federal Deposit Insurance Corporation (FDIC). These documents reportedly reveal a coordinated effort to restrict various crypto activities, from basic Bitcoin transactions to more complex offerings.

The term "Operation Chokepoint 2.0" refers to an alleged, unconfirmed U.S. government initiative aimed at pressuring banks to deny services to crypto firms. This purported operation has been linked to the collapses of crypto-friendly banks like Silvergate and Signature Bank in March 2023, which left exchanges such as Binance without local banking partners.

Deaton's proposal comes after his unsuccessful bid for a Massachusetts Senate seat against crypto critic Senator Elizabeth Warren in the November 2024 elections. During his campaign, Deaton criticized Warren for focusing on building an "anti-crypto army" instead of addressing issues affecting the lower and middle class.

As the incoming administration prepares to take office, Deaton's offer underscores the ongoing debate over regulatory approaches to the cryptocurrency industry and the balance between oversight and innovation.