Debate Highlights: Senator Elizabeth Warren vs. John Deaton

Democratic Senator Elizabeth Warren took aim at her crypto-friendly Republican opponent, John Deaton, in a fiery debate late Tuesday, hosted by WBZ TV, radio stations, and the Boston Globe newspaper.

Sen. Warren, seeking her fourth term as a U.S. Senator, sits on both the Senate Finance Committee and the Committee on Banking, Housing, & Urban Affairs. She has been critical of crypto, asserting that it should follow the same rules as traditional finance. Earlier this year, she proposed an anti-money laundering bill to extend Bank Secrecy Act requirements, including know-your-customer rules, to miners, validators, and wallet providers.

John Deaton is a long-time crypto advocate and runs CryptoLaw, a site covering legal and regulatory updates. In 2021, Deaton filed a petition challenging the SEC's claim that XRP is a security in its case against Ripple. He officially made his bid for the U.S. Senate in Massachusetts to face off against Warren in February's election, subsequently securing the Republican nomination.

Notable supporters of Deaton include Ripple Labs and Gemini founders Tyler and Cameron Winklevoss. Ripple Labs donated $1 million to the Commonwealth Unity Fund, a super political action committee aimed at unseating Warren, while the Winklevoss twins donated a total of $1 million in bitcoin directly to his campaign.

Contrasting Crypto Stances

Crypto was a major topic in the debate, with Warren claiming Deaton would be beholden to the crypto industry for financial support.

> "If John Deaton has a chance to go to Washington, his crypto buddies are going to want a return on their investment. He's going to be there to fight for crypto," Warren stated.

Deaton countered, boasting about exposing regulatory capture in the crypto space and accused Warren of banning bitcoin self-custody, thus harming the working class. He argued that his advocacy for XRP holders led to significant donations to Democratic causes.

Warren questioned Deaton's ties to the crypto industry, emphasizing that most of his campaign funding comes from it.

Deaton pointed out Warren's fixation on crypto, expressing a desire for her to focus on issues like inflation and border security.

> "I wish Senator Warren would attack inflation the way she attacks crypto," he remarked.

Warren reaffirmed her stance, emphasizing that crypto should adhere to the same regulations as banks and financial institutions to protect consumers and prevent illicit activities.