CryptosRus @CryptosR_Us Jan 3
JUST IN: Through a Court order, @coinbase has obtained the unredacted files from @FDICgov and its role in the Operation Chokepoint 2.0 agenda.
The documents show a coordinated effort to stop a variety of crypto activity & Paul Grewal calls upon Congress to launch hearings.
FDIC’s Redacted Pause Letters:
https://www.fdic.gov/foia/history-associates-inc-v-fdic-fdics-redacted-pause-letters-january-3-2025
John E Deaton @JohnEDeaton1
https://x.com/JohnEDeaton1/status/1875619679114244416
As a former prosecutor and Special Assistant United States Attorney I am very serious about volunteering to help lead a federal investigation into ChokePoint 2.0. I would accept the task without salary. The American people deserve the truth a hell of a lot more than I or anyone else needs another taxpayer funded paycheck.
I’ve been fighting the @SECGov’s gross overreach for four years pro bono, so doing the same to help uncover multiagency coordination, and possible corruption, related to ChokePoint 2.0 would be both an honor and a privilege.
A lot of people, including some in crypto, underestimate the significance of ChokePoint 2.0. In the middle of the @Ripple case, which I argued was the most significant non-fraud @SECGov enforcement action in modern history, I still described @CaitlinLong_ and @custodiabank’s case the
@federalreserve as the most important filed case involving the crypto industry and, arguably, the most important filed case involving the concept of free market capitalism – the foundation of America’s economic system.
At their core, Custodia Bank’s fight and ChokePoint 2.0, go beyond digital assets, banking charters or blockchain. It’s about whether unelected bureaucrats can arbitrarily deny access to essential financial infrastructure, effectively picking winners and losers in the marketplace. It’s about whether government agencies can wield unchecked power to restrict lawful businesses from accessing the critical financial infrastructure necessary to survive and thrive in a free market economy.
If these actions go unchallenged, it creates a dangerous precedent where regulatory bodies can quietly suppress entire industries they disfavor, stifling innovation, competition, and economic opportunity.
Custodia and ChokePoint 2.0 are much bigger than crypto. They define whether America remains a place where the rule of law protects free enterprise, or where bureaucratic discretion is allowed to dismantle it.
What’s becoming increasingly clear is that ChokePoint 2.0 isn’t just about isolated regulatory overreach. It represents a direct assault on the principles of American free market capitalism. At its core, our economic system thrives on open competition, innovation, and equal opportunity – not on regulators quietly picking winners and losers behind closed doors.
When lawful businesses are cut off from essential financial services based on political agendas rather than established law, it doesn’t just stifle one industry – it sets a dangerous precedent that threatens America’s ability to remain a global leader in economic progress and innovation. The future of our economy depends on fair access to financial infrastructure, not selective enforcement driven by ideology.
What we’ve learned thus far suggests coordinated, multi-agency action driven by political agendas rather than sound policy or law. If fully investigated, it could expose a network of decision-makers leveraging their authority not to protect consumers or markets, but to suppress lawful industries they disfavor.
What @realDonaldTrump @JDVance @elonmusk @VivekGRamaswamy @howardlutnick and @DavidSacks must know is that this isn’t just a fight for crypto, it’s a fight against the erosion of institutional integrity and the unchecked power of unelected bureaucrats. The outcome could determine whether America remains a nation governed by transparent laws or one ruled by backroom deals and selective enforcement.