Warren and Deaton Clash in Heated Crypto Debate Showdown

The long-awaited debate between Massachusetts Senator Elizabeth Warren, known for her critical stance on digital assets, and her pro-crypto opponent, John Deaton, has finally taken place.

Among the key moments of the discussion was Senator Warren’s assertion that if Deaton were to win, he could serve as a spokesperson for the crypto industry, ostensibly prioritizing its interests over those of his constituents.

Deaton Advocates for Crypto

Debate co-host Jon Keller initiated the discussion on crypto between the two candidates by emphasizing their differing perspectives on the subject. While Senator Warren has made it clear that she aims to form an “anti-crypto army,” Deaton has gained recognition for criticizing federal authorities for what he views as excessively harsh regulations on the industry.

The former Marine began his argument by stating that cryptocurrency is crucial for providing financial options to individuals who are overlooked by the traditional banking system. He reinforced his point with a personal story about how crypto had aided his mother, who faced challenges due to exploitative banking fees.

Deaton also criticized Warren for focusing on digital assets while overlooking more urgent problems such as inflation and the rising cost of living. “I wish Senator Warren addressed inflation as vehemently as she does crypto,” Deaton remarked.

Warren, undeterred, accused the Republican candidate of being under the influence of the crypto industry.

“If John Deaton is elected to Washington, his crypto allies will expect a return on their investment,” the senator claimed, highlighting that a significant portion of her opponent’s campaign financing comes from the crypto sector.

“One candidate here is almost entirely funded by one industry—the crypto industry, and 80% of his personal wealth is connected to it.”

The Crypto Law founder refuted the senator’s claims, pointing out her own reliance on corporate PACs and special interest groups.

He also mentioned his role in the Ripple v. SEC lawsuit, where he advocated for XRP holders against what he termed regulatory overreach.

The lawyer asserted that his work in that case facilitated a substantial donation from Ripple co-founder Chris Larsen to Vice President Kamala Harris’s campaign, stating, “Madam Vice President, if you’re watching, you’re welcome.”

Warren’s Firm Stance on Crypto

In spite of these exchanges, Senator Warren maintained her conviction that cryptocurrency poses significant hazards to both consumers and the U.S. financial system.

Moreover, she expressed concerns that these assets could enable illicit activities, such as money laundering and financing terrorism.

“I’m not opposed to crypto,” the Senator clarified. “But it must be subject to the same regulations as banks and credit unions to ensure consumer protection.”

However, Deaton challenged her, contending that she favored large financial institutions over ordinary individuals by promoting legislation that would prohibit individuals from self-custodying Bitcoin while permitting banks and investment firms to manage it.

“Her policies serve the financial elite, not the average person,” he argued.