In 2012, Elizabeth Warren became Massachusetts' first female senator. Al Drago – Bloomberg/Getty Images
Senator Elizabeth Warren, perhaps the most powerful cryptocurrency skeptic in Congress, may soon find herself facing off against a serious supporter of this very industry.
John Deaton, 56, a Massachusetts lawyer and digital asset advocate, is seriously considering running this year as a Republican candidate. Boston Globe mentioned. Jim Conroy, the chief political operation adviser to Republican Gov. Charlie Baker who has been consulting with Deaton, said Deaton is taking a “serious look” at the race and will make his decision in the coming days. Earth.
Deaton did not immediately respond luckRequest for comment. If he enters the race, he would be Warren's first significant Republican challenger since she announced her run for re-election last year.
Warren, who was elected as the state's first female senator in 2012, Tweet last month: “It's time for cryptocurrencies to follow the same anti-money laundering rules as everyone else. I've got a bill to make this happen.
the @SECgov This is wrong in law and wrong in terms of policy regarding the Bitcoin ETF decision.
If the SEC is going to allow cryptocurrencies to delve deeper into our financial system, it is more urgent than ever that cryptocurrencies follow basic anti-money laundering rules.
-Elizabeth Warren (@SenWarren) January 11, 2024
This bill, the Digital Assets Anti-Money Laundering Act, which was introduced in the Senate in July, would require the Financial Crimes Enforcement Network to issue guidance on digital assets. It would “close loopholes in anti-money laundering rules and prevent drug suppliers and gangs from using cryptocurrencies to facilitate their illegal businesses,” according to Warren’s website.
Deaton has often been critical of Warren on X, citing concerns about the senator's failure to oversee the SEC and Chairman Gary Gensler. “She literally said she didn't want to put Gensler in a difficult situation. Are you kidding me?” he chirp in December.
Elizabeth Warren violated her oath
As a senator, he sits on the Banking Committee, @ewarren She violated her oath. Its function is to provide and participate in the actual supervision of @SECGov.
Instead, she conspired with her best friend @Gary Genslerand not just give it exactly… https://t.co/dZr2QfN8ah
– John E. Deaton (@JohnEDeaton1) December 9, 2023
“I have over 600 #XRP holders who live in Massachusetts and are her constituents. We've begged Warren's office to inquire about the SEC and do its job,” he added.
Offshore XRP
Deaton worked for decades as an attorney, including on the case of asbestos victims while working at his firm in Rhode Island. The former Marine recently moved to Massachusetts, is a cancer survivor, and has three daughters Earth mentioned.
His advocacy for cryptocurrencies reached a new level in 2021, a year in which he filed an amicus brief tied to a lawsuit between the SEC and Ripple Labs in which the regulator accused Ripple of illegally selling more than $1 billion in digital currencies.
Deaton, who owns Ripple's native token, argued that he and other XRP holders should be allowed to intervene in the case. In a friend-of-the-court brief, Deaton wrote that XRP should not be considered a security because it did not pass the Howey test, and accused the SEC of overreach: “There are millions of XRP holders being held hostage as collateral damage while the SEC intervenes.” in seizing judicial power.”
In the same year, Deaton launched CryptoLaw, a website designed to be a “clearinghouse for information, news and analysis on key legal and regulatory developments in the United States for digital asset owners.”
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Along with Deaton's interest in the Senate, the cryptocurrency industry is doubling down on its efforts to influence the 2024 election, with major political action committees pouring money into the race in amounts not seen since Sam Bankman-Friend donated $50 million during the 2022 election cycle, according to a federal report. . Election Commission campaign finance data.
Fairshake, the largest new political action committee focused on cryptocurrencies, picked its first major fight this week, with a multimillion-dollar ad buy to attack Democrat Katie Porter, one of Warren's protégés, in the California primary. The New York Times mentioned.
Fairshake and two of its political action committees, Protect Progress and Defend American Jobs, revealed two weeks ago in federal filings that they had collectively raised nearly $80 million in 2023. Most of the PAC's funding so far has come from three sources: Coinbase and Ripple Labs And Andreessen. Horowitz.
Fairshake did not return immediately Luck Request for comment.
