In a heated Senate debate at WBZ-TV on Tuesday, two-term Democratic incumbent Senator Elizabeth Warren faced off against her Republican challenger, John Deaton. The discussion spanned several topics, including cryptocurrency, immigration, housing, and abortion rights.
Deaton Highlights Crypto’s Potential for Financial Inclusion
Pro-crypto attorney John Deaton took the opportunity to underscore the advantages of Bitcoin, particularly as a financial tool for individuals lacking access to traditional banking services. He argued that cryptocurrencies could eliminate the need for predatory banks and intermediaries, thus promoting financial inclusion.
Reflecting on his personal experiences, Deaton shared how his mother struggled with traditional banking, especially the high fees associated with check-cashing services for welfare checks. He asserted that Bitcoin could provide solutions for people like his mother, who have been excluded from the mainstream financial system.
“When Bitcoin came along, I thought, ‘Great, now you can cut out predatory banks and middlemen,’” Deaton stated.
Deaton also criticized Senator Warren’s approach to cryptocurrency regulation, describing her stance as misguided given the current economic challenges and geopolitical tensions.
Critique of Warren’s Regulatory Proposals
Deaton specifically took issue with Warren’s proposed Digital Asset Anti-Money Laundering Act, which aims to impose stringent regulations on digital assets, including self-hosted wallets. He argued that the bill overlooks the interests of individual investors, particularly those from lower-income backgrounds.
“Her bill bans crypto self-custody in America, yet she allows banks to custody Bitcoin. It’s another example of how Senator Warren’s policies do not help poor people or the working class. She favors accredited investor rules that exclude 85% of Americans,” Deaton emphasized. “Her policy absolutely hurts poor people.”
In response to Warren’s claims that his campaign was heavily funded by the crypto industry, Deaton defended his position, stating that support from the sector was expected due to Warren’s regulatory efforts against it. He referenced his involvement in the Ripple case and his exposure of former SEC official Bill Hinman as indicators of his commitment to transparency and accountability.
Deaton officially launched his Senate campaign against Warren in February 2024 and has consistently criticized her anti-crypto stance, positioning himself as a champion for the interests of everyday Americans.
Broader Debate Topics: Immigration and Abortion Rights
The debate also touched on other critical issues, such as immigration. Deaton labeled illegal immigration a national security crisis but clarified that he does not support mass deportations. Warren, on the other hand, acknowledged the pressures on Massachusetts’s healthcare, housing, and education systems, criticizing the Republican approach as fearmongering.
“The Republican playbook is one that Donald Trump perfected—demonize immigrants and call them names, but don’t solve the problem,” Warren remarked.
