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Senator Warren's regulatory stance continues to clash with the vision of prominent crypto advocates in Massachusetts.
Author: Gage Skidmore
Key Takeaways
Elizabeth Warren won her third term in the Massachusetts Senate race against crypto advocate John Deaton. Warren has been a vocal critic of the crypto industry and championed increased regulation and anti-money laundering legislation. <?xml encoding="UTF-8"?>Sen. Elizabeth Warren won re-election to a third consecutive term in the Massachusetts Senate race, defeating Republican challenger John Deaton, according to the Associated Press.
Warren, who serves on both the Senate Finance Committee and Senate Banking Committee, is often labeled as “anti-crypto” due to her strong advocacy for stringent regulations on crypto and her vocal criticism of the industry.
She has proposed legislation aimed at extending anti-money laundering obligations to a wide range of crypto service providers, including digital wallet operators and miners, which many in the crypto community view as overly intrusive.
Deaton, who received backing from high-profile figures including Mark Cuban and Ripple CEO Brad Garlinghouse, is a prominent crypto advocate and attorney known for his strong support of crypto. He has gained recognition for his involvement in legal actions related to Ripple.
The candidates clashed over crypto policy during an October debate, with Warren criticizing Deaton’s industry ties.
“He’s saying he has really made crypto folks mad, so mad that they came here to Massachusetts and are funding 90% of his campaign to try to take back this Senate seat to take it away from me,” Warren said.
Deaton countered by questioning Warren’s approach to crypto. He also stated that Bitcoin could eliminate predatory banking practices and help people with no access to traditional banking services to participate in the financial system.
“Her bill bans crypto self-custody in America, yet she’s allowing banks to custody Bitcoin, another example that Senator Warren’s policies do not help poor people, they do not help the working class. She favors accredited investor rules that exclude 85% of the American population,” Deaton stated. “She, her policy, absolutely hurts poor people.”
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