Senator Warren And John Deaton Clash Over Crypto Policy In Senate Debate

According to Cointelegraph, Senator Elizabeth Warren and crypto lawyer John Deaton engaged in a heated debate over cryptocurrency policy during their first faceoff in the race for a United States Senate seat. Deaton, a Republican candidate for Massachusetts’ US Senate spot, criticized Democrat incumbent Warren for prioritizing an “anti-crypto army” over issues affecting the lower and middle class in the state. He highlighted concerns such as illegal immigration and inflation, questioning why Warren chose to focus on crypto regulation amidst these challenges. Warren responded by stating that she supports individuals who want to buy and sell crypto but insists that the industry must adhere to the same regulations as banks and stockbrokers, particularly in terms of consumer protection and counter-terrorism laws. She expressed concerns that cryptocurrencies are often used by terrorists, drug traffickers, and rogue nations to fund illicit activities. Both candidates acknowledged the failures of traditional banking in serving many Americans. However, Deaton accused Warren of not prioritizing banking access, citing a December Senate Banking Committee hearing where Warren questioned JPMorgan CEO Jamie Dimon about crypto crime instead of banking failures. Deaton pointed out that JPMorgan had financed the largest child sex trafficking operation in history with Jeffrey Epstein, yet Warren did not address this issue during the hearing. Warren countered by alleging that 90% of the funds supporting Deaton’s campaign come from the crypto industry, implying that they would expect a return on investment if he were elected to the Senate. Deaton did not directly respond to this claim but mentioned that he often clashes with the crypto industry and has conflicts with many “crypto billionaires.” The debate follows Deaton’s victory in the Republican primary election for the US Senate in Massachusetts on September 4. Despite his efforts, Warren holds a 22.5% lead over Deaton based on six polls, according to The Hill’s 2024 Elections data. Deaton aims to break an 11-year streak of Democratic control over both of Massachusetts’ seats in the US Senate since 2013.