Elizabeth Warren and John Deaton Spar on Crypto

The much-anticipated debate between current Massachusetts senator and digital asset critic Elizabeth Warren and her pro-crypto rival, John Deaton, finally took place.

Among the highlights of the exchange was Senator Warren’s accusation that Deaton could become a spokesperson for the crypto industry if he wins, ostensibly putting his interests ahead of those who elected him.

Deaton defends cryptography

Debate co-host Jon Keller sparked the crypto conversation between the two candidates by highlighting their opposing views on the issue. While Senator Warren has previously stated her intention to build an “anti-crypto army,” Deaton has made a name for herself criticizing federal authorities for what she believes is overly aggressive regulation of the industry.

The former Marine began by arguing that crypto plays an important role in providing financial alternatives to people disadvantaged by the traditional banking system. He reinforced the point with an anecdote about how crypto helped his struggling mother, who had been saddled with predatory bank fees.

He also pointed to Warren’s focus on digital assets, ignoring more pressing issues like inflation and the high cost of living. “I wish Senator Warren would attack inflation the same way she attacks crypto,” Deaton said.

Undeterred, Warren responded by accusing the Republican nominee of being beholden to the crypto industry.

“If John Deaton goes to Washington, his crypto friends will want a return on their investment,” the senator said, noting that most of her opponent’s campaign funding comes from the crypto sector.

“One candidate who is here is almost entirely funded by an industry – the crypto industry and 80% of his personal wealth is tied to it.”

The Crypto Law founder countered the senator’s claims, saying she herself had benefited from corporate PACs and special interest groups.

He also brought up his involvement in the Ripple v. SEC lawsuit, where he defended XRP holders against what he described as excessive regulation.

The attorney claimed that his work on the case helped secure a major donation from Ripple co-founder Chris Larsen to Vice President Kamala Harris’ campaign, saying, “Madam Vice President, if you’re watching, you’re welcome “.

Warren’s Unwavering Crypto Stance

Despite the comments, Senator Warren remained steadfast in her belief that crypto poses huge risks to both consumers and the American financial system.

He also expressed concern about the potential of these assets to facilitate illegal activities such as money laundering and terrorist financing.

“I’m not against cryptography,” the senator clarified. “But it has to play by the same rules as banks and credit unions to ensure consumer protection.”

However, Deaton called her out, claiming that she was siding with large financial institutions over ordinary people by supporting legislation that would ban self-custody of Bitcoin for individuals, but allow banks and companies to investment manage it.

“His policies benefit the financial elite, not the everyday person,” he said.

SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

2024 LIMITED OFFER on BYDFi Exchange – Up to $2888 Welcome Reward, Use this link to register and open a 100 USDT-M position for free!