Senator Elizabeth Warren faults John Deaton’s preoccupation with crypto and not inflation during a Massachusetts Senate debate.
The heated debate featuring Massachusetts Senator Warren saw the incumbent fault opponent, John Deaton, as beholden to the digital assets industry. The Democratic Senator directed an attack towards the Republican candidate in the just concluded Massachusetts Senate debate.
The Massachusetts senator aligned to her longtime advocacy for stricter regulation on crypto illustrated that Deaton prioritises the industry over resolving challenges that the US working class faces.
Warren disclosed when participating in the Tuesday evening debate co-hosted by WBZ and The Boston Globe. The senator decried that one candidate received 90% of funding from the crypto industry. Additionally, the lawmaker accused the candidate of openly admitting to holding 80% of personal wealth in crypto.
Warren Questions Crypto-Funded Campaign
The Senator submitted that if Deaton won the race, it would allow the crypto buddies to anticipate a return on their investment. Warren warns that the Grand Old Party (GOP) candidate will go to Washington to fight for crypto.
Deaton has emerged as a vocal advocate of Bitcoin, detailing personal accounts hailing crypto for offering a lifeline to the unbanked population. The GOP politician illustrates that crypto helped the mother overcome her struggle with predatory banking fees.
Deaton explains that Bitcoin offered a channel to overcome predatory banks and intermediaries. He recounts how the mother was initially unable to sustain a bank account, citing higher fees.
The GOP candidate criticises Warren for failure to address economic and inflation issues rather than belabours a crypto attack. Deaton questioned the incumbent decision to build the anti-crypto army in the context of broader economic woes.
Warren reiterated the well-worn narrative that crypto facilitates illicit activities. Notably, the Senator links the digital assets as enablers of laundering money, human trafficking, and funding terrorism. The lawmakers declared a desire for crypto to comply with rules that included stockbrokers, credit unions, and financial institutions.
Deaton decries that Warren portrayed a discriminative stance on Bitcoin self-custody, alleging favouring the banks to compromise the working class. He laments that Warren sponsors a bill prohibiting Bitcoin self-custody in the country. He added that the Senator allowed banks to offer custody of BTC, thus showing her policies hardly benefitted the ordinary people.
Warren pressed Deaton, questioning his links to the crypto industry. Given the financial support received towards his campaign, she inquired what crypto insiders stand to benefit from if he won. She sought clarification on the ground that crypto folks were distressed in her candidacy to the point of funding 90% of the rival’s campaign.
Deaton aligns with his previous involvement in the Ripple Labs lawsuit levelled by the SEC. In the past, he has emerged as an advocate for XRP holders in exposing regulatory overreach and shielding small investors.
Deaton lauds his actions as leading to the sizable XRP donation to the Democratic candidate Kamala Harris campaign. He credits the donation to Ripple co-founder Chris Larsen as triggered by taking on the Gary Gensler-led SEC acting on behalf of the small investors. The GOP politician indicates the donation to Kamala would not have occurred were it not for the fight for crypto.
Warren Stance Against Crypto
Warren refers to the $1M donation by Ripple Labs in July 2024 to the super PAC that backs Deaton’s campaign. It suggests that the entity currently entangled in a legal battle with the security watchdog supports Deaton’s effort to unseat Warren.
Warren consistently airs concerns over digital assets, warning they expose consumers to fraudsters and illicit activities. She attributes Bitcoin mining to causing environmental degradation.
Warren had spoken on the Deaton entering the race in February, informing the supporters of her resolve to oppose crypto scams. She alleged becoming the target of the crypto industry lobbyists and affirming courageously taking on the challenge. Additionally, the Senator considers stronger regulations will help shield consumers and the entire financial system.
Editorial credit: Matt Smith Photographer / Shutterstock.com
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