With just 15 days remaining until the US general elections, Elon Musk, the CEO of Tesla and a well-known advocate for Dogecoin, is making headlines by endorsing pro-XRP attorney John Deaton, who is campaigning for a Senate seat against Massachusetts Senator Elizabeth Warren, recognized for her anti-crypto views.
Is Musk Aligning with Pro-Crypto Initiatives?
Musk’s endorsement followed a tweet from Brian Armstrong, CEO of Coinbase, who urged voters in Massachusetts to support Deaton. Armstrong pointed out that Warren played a crucial role in appointing Gary Gensler as chair of the Securities and Exchange Commission (SEC), which he argues has negatively impacted the cryptocurrency landscape.
Musk agreed with Armstrong, highlighting his allegiance to the increasingly pro-crypto Republican Party and its prominent member, Donald Trump, who has publicly pledged to support the crypto sector if he regains the presidency in January.
Armstrong dubbed Warren as “anti-freedom,” contending that she advocates for government control over financial services, similar to practices observed in China. Musk echoed this perspective with a simple “Yes” in response to Armstrong’s claims, signaling his strong criticism of Warren’s strategies. Armstrong remarked:
Crypto holders in MA should recognize that @SenWarren is the one who got Gary Gensler his position and encouraged him to (illegally) attempt to dismantle the crypto industry in the U.S. Fortunately, they did not succeed as we and others resisted.
Warren’s Position on Crypto During Debate with Pro-XRP Deaton
The political atmosphere intensified following the debate between Warren and Deaton, where the senator caught many off guard by showing a conditional willingness to engage with digital assets, provided the industry follows regulations akin to those for traditional financial entities.
As reported by Bitcoinist, the senator, a prominent figure in the anti-crypto faction within the Senate, stated: “I’m all for having a crypto system if people want to buy and sell crypto. All I want is some basic fair rules,” indicating a shift from her typically adversarial tone towards the cryptocurrency space.
However, Deaton contested Warren’s position, claiming that “the rules are already there” and questioned her motivations for aligning with “anti-crypto viewpoints.” He further asserted that Warren’s policies have adversely affected the working class, suggesting they “hurt poorer individuals.”
During the debate, the pro-XRP attorney also criticized Warren for targeting cryptocurrencies while overlooking urgent issues like inflation and border security.
Warren retaliated by implying that if Deaton were to secure a Senate position, he would allegedly serve the interests of the crypto sector, insinuating that individuals in the digital asset industry are backing his campaign.
As of this writing, XRP is priced at $0.5455, showing sideways movement recently, with increases of 0.5% and 1.3% over the past seven and fourteen days, respectively.
Featured image from DALL-E, chart from TradingView.com
