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XRP supporter and attorney John Deaton has expressed his intention to assist the Trump Administration in investigating Operation Choke Point 2.0. Deaton stated that he will not be compensated for his efforts and that he aims to expose the multi-agency coordination and potential corruption surrounding the government’s attempts to isolate crypto firms from banks.
Custodia Bank’s Legal Battle
The attorney argues that Custodia Bank’s legal battle against the Federal Reserve is the “most significant case” for the crypto industry. Deaton emphasized the critical importance of this struggle in determining whether access to fundamental financial infrastructure can be arbitrarily denied.
Government’s Approach to the Crypto Sector
Deaton highlighted that such government actions create a dangerous precedent, enabling regulatory bodies to silence industries they disfavor. This situation could stifle innovation, competition, and economic opportunities.
He pointed out that the impacts of Custodia and Choke Point 2.0 extend far beyond the crypto sector, ultimately questioning whether America can protect free enterprise under the rule of law.
Coinbase’s Perspectives
Echoing Deaton’s sentiments, Coinbase‘s Chief Legal Officer Paul Grewal claimed that the FDIC is attempting to sabotage various activities within the crypto industry. Grewal noted that Coinbase filed requests under the Freedom of Information Act regarding letters sent by the FDIC to banks about crypto services.
He asserted that there is clear evidence of the government deliberately obstructing crypto growth in the U.S. and called for the new Congress to hold hearings on the matter.
Future Steps
The voices of individuals like John Deaton and Paul Grewal may foster broader awareness against government interventions in the crypto sector. These developments could lead to significant changes in crypto firms’ access to financial infrastructure.
The crypto industry faces challenges in growth and innovation due to regulatory uncertainties and government policies. Thus, establishing clear regulatory frameworks and sector dialogues is of utmost importance.
Crypto firms and their supporters will carefully monitor the long-term effects of such legal battles and strive for compliance with relevant regulations.
