- John Deaton slammed Elizabeth Warren for neglecting the issues of the working class and prioritizing her fight against crypto.
- Warren questioned Deaton’s crypto industry connections and emphasized regulation is necessary to combat crime.
- Philipp Martin at Coinbase argues bad laws arise from poor education, regardless of policymakers’ stance.
Republican candidate for a US Senate seat from Massachusetts, John Deaton, criticized incumbent Senator Elizabeth Warren for her anti-crypto stance. Deaton noted he wished Warren attacked inflation like she attacks crypto – a spicy but warranted commentary.
Warren responded by pressing Deaton on his funding sources and argued she’s not anti-crypto but pro-regulation.
Let’s take a look at both candidates’ points.
Deaton – Warren Is Building ‘Anti-Crypto Army’
Born into generational poverty in Detroit, Deaton appears to be Warren’s ideological antipode. He explains that his mother couldn’t keep a bank account due to fees and sees $BTC as a way to cut out predatory institutions.
Deaton’s rationale hinges on the idea that senators must focus on resolving current economic issues instead of fighting progress.
Deaton further accused Warren of favoring traditional banks over the working class, referring to the Digital Asset Anti-Money Laundering Act, which bans crypto self-custody for Americans but not financial institutions.
This isn’t the first time Deaton has slammed US crypto regulation. As a trial attorney, Deaton represented $XRP token holders in the SEC v Ripple lawsuit as amicus curiae, or ‘friend of the court.’
In September’s Good Morning Crypto Show interview, he exposed the SEC’s regulatory overreach and promised to hold it accountable for wiping out $15B from $XRP investors.
Warren Hits Back, Questions Deaton’s Industry Connections
Democratic Senator Warren also prepared some compelling points, mostly aimed at outing Deaton’s affiliations with the crypto industry.
Warren claimed that Deaton’s campaign is 90% funded by the crypto industry, and if he goes to Washington, his ‘crypto buddies’ will expect a return on investment.
Although candidates agreed that the traditional banking system has let down many Americans, Warren doesn’t share Deaton’s positive outlook on digital assets.
She believes that crypto is a tool of terrorists and drug traffickers and calls for stricter regulation.
To this, Deaton argued Warren wasn’t concerned about traditional banking failures like she was about crypto. He pointed out Warren didn’t question why JPMorgan Chase turned a blind eye to Jeffrey Epstein’s child trafficking operations when she spoke to its CEO Jamie Dimon.
Coinbase Calls for Lawmakers’ Education
Philipp Martin, Coinbase’s chief security officer, believes that a lack of education is the root of bad laws.
Coinbase is now focused on educating lawmakers about digital assets to fight misleading narratives. Contrary to Warren’s belief, illicit transactions make up just 0.34% of all crypto volume, compared to 33% of cash.
Besides, crypto transaction data is easier to analyze because blockchain is tamper-proof. The traditional financial system could never achieve the same level of transparency.
Martin added that Coinbase consulted policymakers on consumer protections and safety measures already in place across the industry.
Knowledge Is Power
Polls suggest Warren has a 23.5% lead over Deaton. Will his crypto advocacy help him tip the scales? Time will tell.
One thing is clear: pro or anti-crypto lawmakers must be educated on the topic to develop adequate policies.
