Warren Says Political Rival Deaton Will ‘Fight for Crypto’ if Elected to Replace Her in the Senate

Democratic Senator Elizabeth Warren (D-MA) launched a pointed assault on her Republican opponent, lawyer John Deaton, throughout a heated Massachusetts Senate debate co-hosted by WBZ and The Boston Globe late Tuesday night, accusing him of being beholden to the crypto business.

The Massachusetts senator, a longtime advocate for tighter regulation on digital belongings, claimed Deaton prioritized crypto pursuits over the wants of working-class People. 

“One candidate standing right here will get 90% of their marketing campaign funding from one business—the crypto business. One candidate has brazenly admitted that 80% of his private price is tied to crypto,” Warren stated through the debate. 

“If John Deaton goes to Washington, his crypto buddies will anticipate a return on their funding,” the senator added.  “He’s going to be there to struggle for crypto.”

Deaton, a vocal supporter of Bitcoin, shared a private story about how crypto provided a lifeline to unbanked people, together with his mom, who struggled with predatory banking charges. 

“When Bitcoin got here alongside, I considered my mother, who couldn’t keep a checking account as a consequence of charges. Bitcoin provided a technique to minimize out the predatory banks and middlemen,” Deaton defined.

The Republican candidate additionally criticized Warren for specializing in attacking crypto as a substitute of addressing inflation and financial points. 

“I want Senator Warren attacked inflation the way in which she assaults crypto,” Deaton quipped, questioning her resolution to construct what she has termed as an “anti-crypto military” amid ongoing broader financial woes.

Warren remained steadfast, reiterating her well-worn narrative concerning crypto as a way to facilitate cash laundering, human trafficking, and terrorism financing. 

“I simply need crypto to comply with the identical guidelines as each financial institution, stockbroker, and credit score union,” she stated.

Deaton additionally introduced up Warren’s stance on Bitcoin self-custody, accusing her of favoring banks over the working class. “Her invoice bans Bitcoin self-custody in America, however she’s permitting banks to custody Bitcoin,” he stated, arguing her insurance policies don’t profit atypical folks.

Warren, in flip, pressed Deaton on his connections to the crypto business, repeatedly asking what crypto insiders anticipated in return for his or her monetary help of his marketing campaign.

“I’m simply attempting to grasp why crypto people are so mad at him—so mad that they’re funding 90% of his marketing campaign,” she remarked.

Deaton, recognized for his involvement within the Ripple v. SEC lawsuit, highlighted his advocacy for XRP holders through the case, which he stated helped expose regulatory overreach and shield small buyers.

 He additional famous that his actions led to a big XRP donation to Vice President Kamala Harris’s marketing campaign from Ripple co-founder Chris Larsen.

“If I hadn’t taken on the SEC on behalf of small buyers, that donation to your candidate of alternative wouldn’t have occurred,” Deaton informed Warren. “Madam Vice President, in case you’re watching, you’re welcome.”

In July 2024, Ripple Labs donated $1 million to an excellent PAC supporting Deaton’s marketing campaign. The corporate, presently concerned in a authorized battle with the SEC, helps Deaton’s run in an effort to unseat Warren.

Warren herself has constantly voiced issues over crypto, warning that digital belongings expose customers to fraud and volatility, facilitate illicit actions, and contribute to environmental degradation by means of Bitcoin mining. 

Again in February, in response to Deaton coming into the race, Warren despatched her supporters an e mail stating her stance in opposition to “crypto scams” has made her the goal of business lobbyists however that she is not “afraid” of taking over the problem.

She argues that stronger laws are mandatory to guard each customers and the broader monetary system.

Edited by Sebastian Sinclair