- Pro-XRP lawyer and Republican Party candidate for the Senate Massachusetts, John E. Deaton, has recently voiced severe criticisms of what he describes as pervasive corruption within federal agencies, including the Federal Reserve.
- Deaton, through a post on social media platform X, shared his grim view of institutional integrity in the United States, coining it the “THE CORRUPTION ERA.”
- “The revolving door existing within these agencies must be closed once and for all,” emphasized Deaton, who represented 75,000 XRP holders in the Ripple vs. SEC case.
Crypto advocate and Senate candidate John E. Deaton criticizes federal agency corruption, proposing significant reforms to improve institutional integrity.
Legislative Reforms Proposed by John Deaton
Deaton announced his intent to propose and support legislation that would enforce a five-year ban preventing federal regulators from transitioning directly into the industries they once regulated. “A person should not be able to leave the FDA and then immediately go work for Pfizer,” Deaton explained, highlighting the urgent need for such reforms to dismantle the entrenched networks of influence and self-interest within government bodies.
Reactions to Federal Reserve’s Recent Decisions
The conversation around these concerns stemmed from a statement from Caitlin Long, founder and CEO of Custodia Bank. Long expressed shock over perceived preferential treatment by the Federal Reserve towards another institution, only weeks after a federal judge has rejected Custodia Bank’s application for a Fed master account and membership with the Fed. “I AM SPEECHLESS. Is this what it appears to be — special treatment by the Fed for another former insider, just weeks after the Fed’s Inspector General ‘suspended’ its investigation into the Fed’s master account practices?” Long questioned publicly via X.
Conclusion
This ongoing situation casts a shadow over the crypto industry and further hints at an “Operation Choke Point 2.0”, an initiative by the Biden administration to stifle the crypto sector. At press time, XRP traded at $0.53351, remaining below the trend line on a 1-week chart.
