Senator Elizabeth Warren and crypto lawyer John Deaton clashed over cryptocurrency policy in their first debate for the U.S. Senate seat representing Massachusetts.
During the October 15 debate, Deaton, a Republican candidate, criticized his Democratic opponent, incumbent Senator Warren, for prioritizing her efforts to create an “anti-crypto army” instead of addressing more pressing concerns affecting the lower and middle classes in the state.
“With illegal immigration bankrupting the state and inflation driving regular people out of the economy, why did this senator decide to wake up one day and focus on building an anti-crypto army?” Deaton questioned.
Warren stated that she’s “fine” with people buying and selling cryptocurrency but emphasized the need for the industry to “follow the same rules” as banks and stockbrokers, particularly regarding consumer protection and counter-terrorism laws.
She also argued that cryptocurrency is frequently used by terrorists, drug traffickers, and rogue nations to fund illegal activities.
Both Warren and Deaton agreed that traditional banking has failed many Americans. However, Deaton criticized Warren for not prioritizing banking access, citing a December Senate Banking Committee hearing where Warren questioned JPMorgan CEO Jamie Dimon. During that hearing, she focused more on crypto-related crimes than on addressing banking failures.
Warren fired back, pointing out that 90% of the funds backing Deaton’s campaign to challenge her came from the cryptocurrency industry. She argued that these supporters would expect a “return on investment” if Deaton were elected to the Senate.
Deaton didn’t directly address the claim but responded by saying that he frequently angers the crypto industry with his controversial opinions and has conflicts with several “crypto billionaires.”
The debate with Warren followed Deaton’s victory in the Republican primary election in Massachusetts on September 4.
According to The Hill’s 2024 Elections data, Warren holds a 22.5% lead over Deaton based on six polls.
Deaton is aiming to end an 11-year streak of Democratic control over both Massachusetts seats in the U.S. Senate.
