Pro-XRP Lawyer John Deaton Criticizes Pervasive Corruption in Federal Agencies
Pro-XRP lawyer and Republican Party candidate for the Senate Massachusetts, John E. Deaton voiced severe criticisms of what he described as pervasive corruption within federal agencies, including the Federal Reserve (Fed). Deaton outlined a grim view of institutional integrity in the United States, coining it the “THE CORRUPTION ERA.”
Why John Deaton Is Outraged
Deeton asserted that the current period in history would be later described as “THE CORRUPTION ERA.” He expressed particular disdain for the ‘revolving door’ practice, where federal regulators move into high positions within industries they previously supervised. Deaton emphasized the need to close the revolving door within these agencies once and for all.
- Deaton announced his plan to propose legislation enforcing a five-year ban preventing federal regulators from transitioning directly into the industries they once regulated.
- He highlighted the urgency for reforms to dismantle the entrenched networks of influence and self-interest within government bodies.
Concerns Raised by Caitlin Long
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 Numisma, a Connecticut-based fintech bank, only weeks after a federal judge rejected Custodia Bank’s application for a Fed master account and membership with the Fed.
- The surprising approval of a master account to Numisma raised concerns about the Fed’s integrity and potential conflicts of interest.
- Long publicly questioned the Fed’s decision and highlighted the inconsistency in its regulatory stance.
Approval of Federal Reserve Master Account to Numisma
Connecticut-based fintech bank Numisma, which was formerly known as Currency Reserve, received conditional approval for access to a Federal Reserve master account, becoming the second non-FDIC-insured, non-federally regulated bank to receive such approval.
- Both banks granted approval had direct connections to former Federal Reserve officials, raising questions about the integrity of the approval process.
- The denial of a master account to Custodia Bank was a setback for the crypto industry, impacting its integration into the US financial system.
Implications for the Crypto Industry
The denial of access to the Federal Reserve’s payment systems to crypto-focused banks poses challenges for the crypto industry. This ongoing situation suggests an initiative by the Biden administration to stifle the crypto sector, referred to as “Operation Choke Point 2.0.”
- The issues surrounding access to the Federal Reserve’s systems cast a shadow over the crypto industry.
- At the time of writing, XRP was trading at $0.53351.
Hot Take: John Deaton’s Stance on Federal Agencies Corruption
John E. Deaton raises significant concerns about pervasive corruption within federal agencies, urging for reforms to address issues such as the revolving door practice and potential conflicts of interest. The recent approvals and denials related to Federal Reserve master accounts have sparked debates about institutional integrity and fairness in regulatory processes. Deaton’s criticisms shed light on the need for transparency and accountability within government bodies to maintain public trust and prevent regulatory capture.
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