“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,” Deaton stated. He addressed the post to President-elect Donald Trump, Vice President-elect JD Vance, and key figures in the incoming administration, including Elon Musk and Vivek Ramaswamy, who will oversee the Department of Government Efficiency.

Deaton, known for his advocacy during Ripple’s legal battle with the Securities and Exchange Commission (SEC), emphasized the broader implications of Operation Chokepoint 2.0, framing it as a threat to institutional integrity and economic freedom. “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,” he added.

Deaton offered to spearhead the investigation without compensation, highlighting his commitment to uncovering the truth. “The American people deserve the truth a hell of a lot more than I or anyone else needs another taxpayer-funded paycheck,” he said.

His offer follows a court order allowing Coinbase to access unredacted Federal Deposit Insurance Corporation (FDIC) files related to the alleged operation. The documents revealed correspondence suggesting the FDIC discouraged banks from supporting crypto services, further fueling concerns about a coordinated effort to suppress the industry.

Allegations of a Coordinated Effort

Operation Chokepoint 2.0 allegedly sought to pressure banks into denying services to crypto firms, a move critics argue stifles innovation and economic opportunity. Coinbase’s Chief Legal Officer Paul Grewal described the unredacted documents as evidence of a “coordinated effort to stop a wide variety of crypto activity — everything from basic BTC transactions to more complex offerings.”

The initiative is said to have contributed to the challenges faced by crypto exchanges like Binance, which lost local banking partners after the collapse of Silvergate and Signature Bank in March 2023.

The alleged architect of Operation Chokepoint 2.0, Martin Gruenberg, resigned as FDIC Chair in November 2024, adding a new dimension to the ongoing scrutiny of the agency’s role in the crypto industry.

Deaton’s offer to investigate comes on the heels of his Massachusetts Senate race loss to Senator Elizabeth Warren. The defeat followed two contentious debates in which Deaton criticized Warren for building an “anti-crypto army” while neglecting issues affecting lower- and middle-class Americans.