The anti-crypto US Democratic Senator Elizabeth Warren and the crypto-friendly Republican candidate John Deaton came face-to-face- for a debate on Tuesday.
In the debate, both the candidates touched upon various topics including the crypto industry, funds raised by crypto campaigns and even crypto regulators including US Securities and Exchange Commission, SEC.
Senator Warren expressed her support for a crypto system, as long as it follows the same rules as everyone else, emphasizing the need for regulation. Warren said, “I’m fine with people wanting to buy and sell crypto. We just want to be sure it’s not open for terrorists and traffickers.” Many see her support as a backtracking on her former aggressive, anti-crypto views.
I noticed @SenWarren really was not very anti-crypto tonight. In fact, she said “I’m all for having a crypto system” as long as industry plays by the same rules as the banks and have some consumer protections in place.
Is she backtracking on her aggressive anti-crypto stance?
— Eleanor Terrett (@EleanorTerrett) October 16, 2024
Warren also criticized attorney John Deaton, pointing out that 90% of his campaign funding comes from the crypto industry, suggesting that his supporters would expect a return on their investment.
In a rebuttal, Deaton argued that Warren’s stance to ban the industry has naturally led crypto players to back pro-crypto candidates. He even added that former SEC Chair Jay Clayton and former Corp. Fin Director Bill Hinman, noting he’s been blocked on X by a major crypto VC firm for calling out billionaires in the space.
Deaton called out Warren saying that, “With illegal immigration bankrupting the state, inflation pricing regular people out of the economy, 40% of the population with only $500 in case of an emergency, and foreign wars taking place, why did the senator wake up one day and decide to build an anti-crypto army because it was so important to her?”
Deaton also took a jab at Warren, saying that his work on the Ripple case helped facilitate XRP donations from Ripple co-founder Chris Larsen to Vice President Kamala Harris’s campaign, jokingly addressing Harris, “Madam Vice President, if you’re watching, you’re welcome.”
Deaton questioned Warren’s cold action on issues like the large settlement J.P. Morgan Chase made overt ties to Jeffrey Epstein’s sex trafficking operation and said she didn’t ask critical questions about this during congressional hearings. Deaton, a vocal advocate for crypto, contended that Warren’s policies hurt the working class, including her stance against Bitcoin self-custody, and that her focus on cryptocurrency overlooks broader financial system issues that disproportionately impact poor Americans.
In response, Warren reiterated her stance that banks have failed many people, and that she has fought for the Consumer Financial Protection Bureau, which has returned billions to consumers. Warren reiterated her stance that she only wants to ensure that crypto operates under fair rules that protect consumers, similar to other financial institutions. Another debate between Warren and Deaton is scheduled for 17 October.
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