XRP supporter and pro-crypto advocate John Deaton says he wants to help the new Trump administration investigate “Operation Choke Point 2.0.”
Deaton says on social media platform .
The lawyer states that Custodia Bank’s legal battle against the US Federal Reserve is the “most important case filed” in the crypto industry.
“At its core, Custodia Bank and Choke Point 2.0 go beyond digital assets, bank charters or blockchain. At issue is whether unelected bureaucrats can arbitrarily deny access to vital financial infrastructure, effectively picking winners and losers in the marketplace. At issue is whether government agencies can exercise unchecked power to prevent legitimate businesses from accessing the crucial financial infrastructure necessary to survive and thrive in a free market economy.
If these actions go unchallenged, it sets a dangerous precedent in which regulators can quietly suppress entire industries they deem unfavorable, stifling innovation, competition and economic opportunity.
Custodia and Choke Point 2.0 are much bigger than crypto. They determine whether America remains a place where the rule of law protects free enterprise, or where bureaucratic discretion is allowed to dismantle free enterprise.”
Deaton isn’t the only one talking about Operation Choke Point 2.0.
Coinbase’s chief legal officer, Paul Grewal, recently argued that documents secured by the exchange show that the Federal Deposit Insurance Corporation (FDIC) attempted to sabotage a wide range of activities in the crypto industry.
Coinbase has filed Freedom of Information Act requests regarding the FDIC’s letters to banks regarding crypto services.
Grewal says there is clear evidence of a deliberate government effort to stifle the growth of crypto in the US.
“We have finally received the unredacted OCP 2.0 letters [the FDIC]. It took a court order, but you can read them for yourself now… They show a coordinated effort to stop a wide range of crypto activity – everything from simple BTC transactions to more complex offerings.
Note that the FDIC magically found TWO more pause letters in this search after previously saying it had complied with a previous court order. It’s hard to believe in their good faith when their sweater continues to unravel every time we pull the thread. The new Congress should hold hearings on all of this without delay.”
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