- John Deaton questioned Elizabeth Warren’s “anti-crypto” approach during the debate
- Warren said she wants the crypto industry to “follow the same rules as every bank and stockholder”
- Warren asked what favors crypto insiders were expecting for the financial help they were giving Deaton’s campaign
Senator Elizabeth Warren and crypto lawyer John Deaton took part in a heated debate over the crypto industry as they took up positions to claim the seat as the US senator from Massachusetts.
Speaking about when he first heard about Bitcoin, Deaton, a Republican, said that it could help “cut out predatory banks and middlemen…and helped unbanked people like my mom.” Questioning Warren’s perceived “anti-crypto” approach, Deaton added:
“With illegal immigration bankrupting the state, with inflation pricing regular people out of the economy […] why did this senator wake up one day and say with all that, I will build an anti-crypto army because crypto is so important to her?”
Warren answered that she was “fine” with people buying and selling crypto, but that she wants the industry to “follow the same rules as every bank, every stockholder, every credit union, and that [there are] some consumer protection laws and some laws to make sure that it’s not open for terrorists, drug traffickers, human traffickers, and Iran.”
Continuing to hit back at Deaton, Elizabeth Warren questioned who the people wanted representing them in Washington, adding:
“There’s one candidate standing here who gets 90% of the funding to keep their campaign going from one industry – the crypto industry. One candidate who has said quite openly that his personal worth is 80% tied up in crypto.”
What do they want in return?
While Deaton didn’t respond to Warren’s claims, he argued that her bill “bans crypto self-custody in America, yet she’s allowing the banks to custody Bitcoin, another example that Senator Warren’s policies do not help poor people, they do not help the working class.”
“She favors the accredited investor rule that excludes 85% of the American population.”
Warren, in turn, said she was confused by Deaton’s claim that he had upset the crypto industry and “crypto billionaires,” adding:
“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 also questioned what crypto insiders were expecting in return for their financial help during his campaign.
Deaton, known for his involvement in the Ripple vs. SEC lawsuit, highlighted his role in helping XRP holders, adding that it was due to his actions that eventually led to Ripple co-founder Chris Larsen donating $1 million to Vice President Kamala Harris’s campaign.
In February, it was reported that Deaton would run for Senate against Warren. Following the news, Warren labelled Deaton’s bid a “threat” as she mobilized supporters to secure her seat.