Regulatory pressure ignites industry concerns
The 'Operation ChokePoint 2.0' that has stirred up the US crypto community has recently sparked heated discussions again due to the release of FDIC documents by the court. John Deaton, a well-known lawyer representing the $XRP community, made a high-profile appeal on social platform X yesterday (1/5), expressing his willingness to lead a federal investigation into whether this operation is, as rumored, a 'non-public' suppression tactic employed by government agencies against cryptocurrency operators.
Deaton stated that if ChokePoint 2.0 is allowed to develop, it will pose a significant threat to overall economic freedom; he specifically called out the incoming President Trump and related officials, urging American society to 'know the truth.'
The so-called Operation ChokePoint 2.0 is rumored to be a coordinated effort by certain financial and regulatory agencies in the United States to cut off banking services to specific cryptocurrency projects, including exchanges, DeFi platforms, and blockchain startups, making it difficult for them to access legitimate banking channels.
The recent collapses of Silvergate and Signature Bank earlier this year are seen by some market observers as victims of this 'invisible blockade.' Deaton emphasized that behind these seemingly isolated incidents, there may be an invisible policy thread at work aimed at excluding cryptocurrencies from mainstream financial systems, stifling the innovation ecosystem.
Deaton's pro bono case highlights the industry crisis
In fact, documents obtained publicly through Coinbase show that the regulatory agency attempted to explicitly block banks from supporting cryptocurrency services; this includes loans and trading permissions for Bitcoin transactions and related derivatives. Deaton also pointed out that these actions not only affect firms like Custodia Bank and Binance but could also hinder the innovative momentum in the United States.
Deaton mentioned that he has experience as a former prosecutor and US federal assistant prosecutor, which makes him capable of investigating this matter. He further urged the incoming Trump administration not to let this overreaching regulatory hand destroy the US's leading advantage in the digital asset industry. It is reported that within the new government, figures like crypto chief David Sacks and Congressman French Hill are seen as more crypto-friendly, and Deaton hopes they can address this issue. Even though the US Federal Reserve remains cautious about assets like Bitcoin, the entire industry believes that only through careful investigation and public disclosure of the truth can excessive regulatory tightening be avoided, preventing the entire industry from flowing overseas.
The industry calls for the truth, and the market needs caution
In the face of this regulatory 'strangulation', many crypto leaders have expressed support for Deaton's call for an investigation. Coinbase's chief legal officer Paul Grewal has also repeatedly urged Congress to hold hearings to require agencies like the FDIC, Fed, and OCC to explain the basis for their actions towards the cryptocurrency industry. The industry is concerned that if ChokePoint 2.0 is indeed confirmed, it will impact digital asset companies developing in the US and cause the US to lose its leading position in the blockchain financial industry.
For the entire market, Deaton's initiative to call for a government investigation into ChokePoint 2.0 is undoubtedly a key action. After all, cryptocurrencies have become a global focal point for capital and technology; maintaining the competitiveness of the US financial market cannot rely solely on obscure means to obstruct it. Whether a formal investigation can proceed as Deaton wishes now depends on the attitude of the new government and Congress. Regardless of the outcome, Deaton has declared his intention to voice for the US free market and blockchain industry, drawing more attention to whether the crypto industry can welcome a fairer policy environment in the US.
This article is authorized for reproduction from: Crypto City
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