John Deaton has vowed to fight the federal CBC, calling it “a hill to die on.”
John Deaton, a prominent voice in the crypto space, has made his position clear in his run for the United States Senate seat in Massachusetts.
In an interview with Generation Infinity, Deaton discussed the Federal Reserve's opposition to a central bank digital currency (CBCC) and the broader focus on regulatory transparency and government accountability.
If there is a CBDC used by the government to reduce conflict […] That's one thing with the banking system or things like that. But a consumer-issued CBDC by the Federal Reserve? No, it's a hill I'd die to oppose.”
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Opposition to the federal CBCC
Deaton argued in the interview that the federal CBCC could replace cash and allow the government to control and limit how individuals spend their money.
Senator Elizabeth Warren cited support for the CBCC and argued that it could limit the use of crypto assets such as Bitcoin (BTC).
“Senator Warren introduced her bill, which would be a ban on Bitcoin in the United States and self-sufficiency. […] She proposed a Federal Reserve-issued CBDC that could replace cash.
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Liability concerns
In the interview, the cryptocurrency lawyer expressed his support for the term limits of senators and representatives, he spoke of government accountability and fiscal responsibility.
He argued that long tenures contribute to a lack of fresh ideas and accountability in Washington and criticized the practice of former regulators moving quickly to private sector roles.
“You shouldn't be allowed to be the chairman of the SEC on Friday, and on Monday you're a consultant to the Apollo team. […] There should be three to five legal gaps between becoming a supervisor and then entering the industry.
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Deaton calls for regulatory transparency
In addition to opposition to federal CBCCs, Deaton has been vocal about the need for clear regulations in the crypto industry, mirroring the approach of the US Securities and Exchange Commission (SEC).
“When I took the SEC on behalf of XRP owners, I said in the original writ of mandamus that XRP itself is not a security. All you have to do is follow the 75-year rule.”
The Senate candidate said that the lack of regulatory transparency has caused some inventors and companies to completely avoid the United States market, saying that some entrepreneurs have decided to “exclude the American market” in the past five years.
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