In a fiery debate co-hosted by WBZ and The Boston Globe on Tuesday evening, Democratic Senator Elizabeth Warren (D-MA) launched a pointed attack on her Republican opponent, attorney John Deaton, accusing him of being too closely aligned with the crypto industry.
Warren, a long-time advocate for stricter digital asset regulations, argued that Deaton’s campaign funding heavily favors crypto interests.
A Heated Debate Over Crypto Regulation and Economic Priorities
Senator Warren asserted that Deaton prioritizes the interests of the crypto industry over working-class Americans.
“One candidate standing here gets 90% of their campaign funding from one industry—the crypto industry. One candidate has openly admitted that 80% of his personal worth is tied to crypto,” she stated. “If John Deaton goes to Washington, his crypto buddies will expect a return on their investment. He’s going to be there to fight for crypto.”
In response, Deaton, known for his vocal support of Bitcoin and legal advocacy in the SEC’s battle against Ripple, countered Warren’s accusations by sharing a personal narrative.
He highlighted how crypto, particularly Bitcoin, provided a solution for unbanked individuals, including his mother, who faced predatory banking fees.
“When Bitcoin came along, I thought of my mom, who couldn’t maintain a bank account due to fees. Bitcoin offered a way to cut out the predatory banks and middlemen,” Deaton said.
The debate intensified as Deaton criticized Warren for focusing her attacks on crypto while neglecting pressing economic issues like inflation.
“I wish Senator Warren attacked inflation the way she attacks crypto,” he quipped, questioning her creation of what she calls an “anti-crypto army.”
Warren reiterated her concerns regarding cryptocurrency, characterizing it as a tool for money laundering, human trafficking, and terrorism financing.
Epic takedown of Elizabeth Warren by John Deaton …pic.twitter.com/oSL6NQlve4
— Mario Nawfal (@MarioNawfal) October 17, 2024
“I just want crypto to follow the same rules as every bank, stockbroker, and credit union,” Warren said.
Deaton further challenged Warren’s stance on Bitcoin self-custody, accusing her of favoring banking institutions over the working class.
“Her bill bans Bitcoin self-custody in America, but she’s allowing banks to custody Bitcoin,” he argued, suggesting her policies do not serve ordinary people.
Warren pressed Deaton on his ties to the crypto industry, questioning crypto insiders’ expectations in return for their financial backing.
“I’m just trying to understand why crypto folks are so mad at him—so mad that they’re funding 90% of his campaign,” she remarked.
Warren vs. Deaton: The Battle for the Senate and the Future of Crypto Regulation
John Deaton entered the Senate race to challenge Warren after securing the Republican nomination.
He gained prominence in 2021 for filing a petition against the Securities and Exchange Commission’s classification of XRP as a security in the ongoing Ripple case.
His campaign has attracted major support from important figures in the crypto industry, including Ripple Labs and Gemini founders Tyler and Cameron Winklevoss.
Ripple Labs donated $1 million to a super PAC aimed at unseating Warren.
Senator Warren proposed an anti-money laundering bill earlier this year to extend Bank Secrecy Act requirements to miners, validators, and wallet providers.
Throughout the debate, Warren maintained her position on the dangers of crypto, arguing that digital assets expose consumers to fraud and volatility, facilitate illicit activities, and contribute to environmental degradation through Bitcoin mining.
In a message to supporters in response to Deaton’s candidacy, Warren stated her anti-crypto stance has made her a target for industry lobbyists but insisted she isn’t “afraid” to confront the challenge.
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