XRP lawyer John Deaton has launched a bold campaign against Elizabeth Warren, a prominent critic of cryptocurrencies, in the race for the Massachusetts Senate seat. Deaton, who relocated to Massachusetts from Detroit, aims to unseat the incumbent senator as she seeks her third term in office.
Deaton’s campaign has garnered significant support from the crypto community, and one notable figure in the industry has thrown his weight behind him. Charles Hoskinson, the co-founder of Cardano, not only expressed his endorsement but also made a substantial donation of $3,300 to Deaton’s campaign.
Hoskinson took to the X platform to announce his support, emphasizing the importance of challenging the establishment and its influence on crypto regulations. He criticized banks for shaping legislation and undermining the crypto industry, highlighting the need for individuals like Deaton to stand up against such powers.
This show of support from the crypto world comes as no surprise, given Elizabeth Warren’s anti-crypto stance. Warren has been vocal in her criticism of the SEC’s approval of Bitcoin ETFs, citing concerns about regulation and the lack of anti-money laundering measures. She has also put forward the Digital Asset Anti-Money Laundering Act, which has gained support from fellow senators and aims to increase oversight in the digital asset industry.
There have been suggestions that Warren has been collaborating with SEC Chair Gary Gensler to hinder the crypto market. Her office has reportedly attempted to exert influence over the industry, viewing it as a threat to financial stability. This has led to the proposal of the bipartisan Digital Asset Anti-Money Laundering Act.
The proposed bill seeks to enforce Know-Your-Customer (KYC) verification for various entities within the crypto space, including wallets, wallet providers, and miners. Several senators, including Raphael Warnock, Laphonza Butler, Chris Van Hollen, John Hickenlooper, and Ben Ray Luján, have shown their support for the bill.
The crypto stance has become a prominent issue in upcoming elections, even at the presidential level. While both major presidential candidates, Joe Biden and Donald Trump, have expressed skepticism towards Bitcoin and favored the U.S. dollar, they have also embraced the crypto industry to some extent. Trump, in particular, has ventured into the world of NFTs and recently expressed his willingness to coexist with Bitcoin. Biden has shown support for the Bitcoin community by sharing images of himself with laser eyes on multiple occasions.
In conclusion, John Deaton’s campaign against Elizabeth Warren for the Massachusetts Senate seat has gained significant traction within the crypto community. This support is not surprising given Warren’s anti-crypto stance and her efforts to increase regulation in the digital asset industry. The upcoming elections have highlighted the growing significance of the crypto stance, with even presidential candidates weighing in on the matter.