The conversations around Operation Chokepoint 2.0 are growing on crypto X, with pro-crypto lawyer John Deaton recently sharing a strong opinion about it. Responding directly to a post from Jesse Powell, the founder, and CEO of Kraken Exchange, Deaton called for an investigation into the defined effort to debank the crypto ecosystem.
Operation Chokepoint 2.0 – Time For Probe
Jesse Powell revealed how he and Kraken battled debanking US Financial institutions. He noted that the trading platform barely survived by focusing more on its European outlets.
In reaction, John Deaton noted that Ripple CEO Brad Garlinghouse and Custodia Bank CEO Caitlin Long had faced similar experiences. He went on to tag the X accounts of President-elect Donald Trump, VP-elect JD Vance, Elon Musk, and Scott Bessent to investigate Operation Chokepoint 2.0.
In his recommendation, John Deaton suggested that the incoming administration appoint an independent counsel to carry out the investigation. He even suggested Nic Carter as one of the good choices for the investigative team.
Notably, Nic Carter originally coined the word Operation Chokepoint 2.0. He remained credited as the first to note the anomaly in the targeted effort to debank crypto firms. Meanwhile, many, including John Deaton and Coinbase CEO Brian Armstrong, have pointed fingers at Sen Elizabeth Warren as the mastermind behind this agenda.
While there is no concrete evidence to back this, as Deaton mentioned, Coinbase CEO believes the war on crypto fueled by Elizabeth Warren cost Democrats the election.
Will Donald Trump Change The Game?
An investigation into Operation Chokepoint 2.0 could eventually happen as US President-elect Donald Trump has shown his willingness to create a friendly regulatory environment for the crypto industry.
Trump’s move to create a friendly regulatory environment will likely include appointing a pro-crypto individual to head the US SEC. With many names under consideration for the US SEC Chairman’s role, John Deaton is optimistic the next leader will fuel the probe across the board.
I don’t know Jesse but I don’t have to know him to become very angry after reading this. @bgarlinghouse @CaitlinLong_ and others have talked about their experiences of being de-banked.
Dear: @realDonaldTrump @JDVance @elonmusk @VivekGRamaswamy @DavidSacks @howardlutnick and… https://t.co/MbPqd1SQOW pic.twitter.com/gke1Ly8DRk
— John E Deaton (@JohnEDeaton1) November 28, 2024
Gary Gensler has already tendered his resignation notice as Chairman. With Brad Bondi, Paul Atkins, and Brian Brooks now in the lead for the role, industry giants are increasingly pressing the SEC to probe its excesses.
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