Democratic Sen. Elizabeth Warren (D-MA) lashed out at her Republican opponent, attorney John Deaton, on Tuesday night, accusing him of looking into the crypto industry during a heated Massachusetts Senate debate co-hosted by WBZ and the Boston Globe. .
The Massachusetts senator, a longtime advocate for tighter controls on digital assets, said Deaton prioritized the interests of crypto over the interests of working-class Americans.
“A candidate standing here gets 90% of his campaign funding from one industry – the crypto industry. A candidate openly admits that 80% of his personal wealth is tied to crypto,” Warren said during the debate.
“If John Deaton goes to Washington, his crypto friends expect a return on their investment,” the senator added. “He will be there to fight for crypto.”
Dayton, a vocal proponent of Bitcoin, shared a personal story about how he provided a lifeline to unbanked individuals, including his mother, who was struggling with a predatory bank payment.
“When Bitcoin came up, I thought of my mother who couldn't keep a bank account because of the fees. Bitcoin offers a way to cut out predatory banks and middlemen,” Deaton explained.
The Republican candidate criticized Warren for focusing on attacking crypto instead of addressing inflation and economic issues.
“I would love for Senator Warren to attack inflation the way he's attacking crypto,” Dayton said, questioning her decision to build what she called an “anti-crypto army” amid the ongoing broader economic crisis.
Warren adamantly repeated her well-worn narrative about crypto facilitating money laundering, human trafficking and terrorist financing.
“I just want crypto to follow the same rules as every bank, stockbroker and credit union,” she said.
Dayton also brought up Warren's stance on Bitcoin self-regulation, accusing her of favoring banks over the working class. “Her bill would ban Bitcoin self-regulation in the US, but allow banks to own Bitcoin,” he argued, arguing that her policies would not benefit ordinary people.
Warren pressed Deaton on his relationship with the crypto industry, repeatedly asking what crypto insiders expected in return for campaign funding.
“I'm trying to understand why the crypto people are so upset with him—the most frustrating thing is that they're funding 90% of the campaign,” she said.
In Ripple v. Dayton, known for his involvement in SEC litigation, highlighted his advocacy for XRP holders during the case, saying it helped expose regulatory oversight and protect small investors.
The event also revealed that Ripple co-founder Chris Larson made a large XRP donation to Vice President Kamala Harris' campaign.
“If I hadn't taken on the SEC on behalf of the small investors, the donation to the candidate of your choice would not have happened,” Deaton told Warren. “Madam Vice President, if you follow, you will be crazy.
In July 2024, Ripple Labs Contributed $1 million to a super PAC supporting Deaton's campaign. The company, which is currently embroiled in a legal battle with the SEC, supports Dayton's run in an effort to unseat Warren.
Warren herself has consistently expressed concerns about crypto, saying that digital assets expose consumers to fraud and volatility, facilitate illegal activity, and contribute to environmental degradation through Bitcoin mining.
In February, in response to Dayton's entry into the race, she sent an email to supporters outlining her stance on “crypto scams” that industry lobbyists have targeted, but that she is “unafraid” to rise to the challenge.
She argues that stronger laws are necessary to protect consumers and the broader financial system.
Edited by Sebastian Sinclair
Daily Debrief Newspaper
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