Jesse Watters defended former National Security Adviser Michael Flynn and blasted the Obama administration on "The Five" Wednesday following the disclosure of a list of top Obama administration officials who requested that Flynn's identity be "unmasked" in intelligence reports during the presidential transition period.

"He's allowed to talk to whoever he wants as the incoming national security adviser, and he should be able to do that without being literally spied on by the Obama people," Watters said. "Was there a legitimate reason for all of these Obama officials to unmask an incoming national security adviser after the election? In my opinion, no.

"They were searching for a reason to take the guy out because they couldn't have Flynn as national security advisor because he would find out what they've been up to during the campaign. And he'd ruin your insurance policy."

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"And at this point, we've found out more dirt [on] Barack Obama in three weeks than they found on Donald Trump in three years," Watters added.

The list was declassified in recent days by Acting Director of National Intelligence Richard Grenell and then sent to Sens. Chuck Grassley, R-Iowa, and Ron Johnson, R-Wis., who made the documents public. The roster features top-ranking figures including then-Vice President Joe Biden.

Co-host Emily Compagno urged viewers to depoliticize the news and look at it through a different lens.

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"I would urge everyone actually not to view this through the lens of politics just for a moment, to actually disregard for one moment Obama and Biden's intimate involvement ... and to view this through the lens of government power and the notion that we have so many current laws right now that ... with the amount of government power that can turn into abuse because the government is made up of people, its members," Compagno said.

"So I think viewers and all of us should ask ourselves, 'What kind of government do we want? Do we want one that is bound by the Constitution or one that is bound by some looser set of laws that for some reason the institutional forces on the Hill continue to protect?'

"And I think right now, regardless of your party, you should be deeply concerned and you should care deeply [about] what this is all uncovering, because one day, it might not be a three-star general," Compagno added. "It might be you."

Fox News' Brooke Singman and David Spunt contributed to this report.