Crypto Wins Round One: Deaton and Warren’s Debate Gets Heated
Senator Elizabeth Warren, a Democrat with a strong anti-crypto stance, is challenging her Senate race rival — moderate Republican and crypto advocate John Deaton, a key figure in the “SEC vs. Ripple” lawsuit.
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Senator Elizabeth Warren, a Democrat with a strong anti-crypto stance, is challenging her Senate race rival — moderate Republican and crypto advocate John Deaton, a key figure in the “SEC vs. Ripple” lawsuit.
Senate Debate: Elizabeth Warren (left) vs. John Deaton (right). Source: Youtube
In a recent debate hosted by WBZ and The Boston Globe, Warren went on the offensive, alleging that Deaton favors the interests of cryptocurrency firms over those of the working class.
Proof?
Warren claims that Deaton, whom she describes as “a one candidate,” receives 90% of his campaign funds from the crypto industry and has 80% of his wealth linked to crypto assets (any downsides, perhaps? — ed. note).
Check Out: Crypto Community Takes a Witty Swipe at Warren
Warren also issued a warning: if Deaton goes to Washington, his sponsors in the crypto industry will be looking for a return on their investment.
He’s going to be there to fight for crypto,
she declared.
But Elizabeth, that’s precisely the point—it's exactly what we’re counting on!
Deaton fired back by illustrating how cryptocurrencies have enabled the unbanked, like his own mother, to access financial services when traditional banks proved too costly.
Bitcoin offered a way to cut out the predatory banks,
he stressed.
Deaton’s arguments were persuasive throughout the debate. Source: YouTube
John Deaton escalated his criticism, accusing Warren of obsessing over crypto while ignoring the country’s pressing economic issues.
I wish Senator Warren attacked inflation the way she attacks crypto,
he quipped.
Warren remained firm, restating her conviction that cryptocurrencies are tied to money laundering and other illicit activities.
I want crypto to follow the same rules as every bank, stockbroker, and credit union,
she declared.
In response, Deaton pointed to one of Warren’s proposed bills, arguing that it favors financial giants over regular people when it comes to Bitcoin self-custody.
Her bill bans Bitcoin self-custody in America, but she’s allowing banks to custody Bitcoin,
Deaton highlighted.
Elizabeth Warren Holds Her Ground: “Crypto Is a Scam” Source: YouTube
John Deaton emphasized his dedication to the interests of XRP investors, asserting that his efforts had been crucial in revealing the regulator's overreach and protecting small-scale investors.
Related: Ripple in Trouble? SEC Appeals Court’s XRP Ruling
Deaton shared that, as a token of gratitude for his successful efforts, Ripple’s co-founder Chris Larsen made a significant contribution to Kamala Harris’s vice-presidential campaign.
If I hadn’t taken on the SEC on behalf of small investors, that donation wouldn’t have happened. Madam Vice President, if you’re watching, you’re welcome,
he commented with a smirk.
See Also: Kamala Harris and Crypto: Unburdened by What Has Been
This rather clumsy attempt was likely Deaton’s way of responding to Warren’s claims that he’s overly dependent on crypto industry funding, and therefore, heavily biased.
Interestingly, Ripple Labs did make a $1 million donation to Deaton’s campaign in July 2024. With their legal standoff with the SEC ongoing, it’s clear Ripple wants to strengthen Deaton’s chances against crypto-critical Warren.
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