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Incumbent Democratic Senator Elizabeth Warren, who is serving her second term, faced off against her Republican opponent, John Deaton, in an intense Senate debate at WBZ-TV on Tuesday.
The discussion ranged over various topics, such as cryptocurrency, immigration, housing, and abortion rights.
Pro-crypto attorney John Deaton took the opportunity to showcase the potential of Bitcoin as a financial instrument for individuals lacking access to conventional banking systems.
Deaton Highlights the Advantages of Crypto
Deaton pointed out that cryptocurrencies could remove the necessity for exploitative banks and middlemen, thereby enhancing financial inclusion.
Drawing from his own experiences, Deaton shared his mother’s difficulties with traditional banking, particularly the exorbitant fees imposed by check-cashing establishments for welfare checks.
He contended that Bitcoin could provide a remedy for individuals like his mother, who were marginalized from the conventional financial network.
“When Bitcoin emerged, I thought, ‘Fantastic, now you can eliminate predatory banks and intermediaries,’” Deaton remarked.
Deaton also criticized Senator Warren’s stance on cryptocurrency regulation, asserting that her position is ill-conceived given the prevailing economic difficulties and global tensions.
Elizabeth Warren vs John Deaton
INTENSE debate on bitcoin and #crypto.pic.twitter.com/j22bOvNbJJ
— Altcoin Daily (@AltcoinDailyio) October 16, 2024
Deaton expressed his objections to Warren’s proposed Digital Asset Anti-Money Laundering Act, which aims to impose stringent regulations on digital assets, including self-hosted wallets.
He argued that the legislation neglects the needs of individual investors, particularly those from lower-income backgrounds.
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“Her bill prohibits crypto self-custody in America, while allowing banks to hold Bitcoin. This is yet another instance of how Senator Warren’s policies fail to support the poor or working-class individuals. She endorses accredited investor regulations that leave out 85% of Americans,” Deaton highlighted.
“Her policy truly disadvantages low-income individuals.”
In reply to Warren’s claims that his campaign was largely financed by the crypto sector, Deaton defended his stance, explaining that support from the industry was anticipated given Warren’s efforts to regulate and ban it.
He also mentioned his participation in the Ripple case and his efforts to expose former SEC official Bill Hinman as proof of his dedication to transparency and accountability.
Deaton officially launched his Senate campaign against Warren in February 2024, shortly after creating his campaign website.
Throughout his campaign, he has consistently criticized Warren’s anti-crypto position, positioning himself as an advocate for the interests of ordinary Americans.
Debate Discusses Immigration and Abortion Rights
The debate also delved into other significant issues, including immigration.
Deaton described illegal immigration as a national security concern while characterizing the migrant situation as a humanitarian crisis.
However, he made it clear that he does not advocate for mass deportations.
Warren, conversely, recognized the pressure on Massachusetts’s healthcare, housing, and educational systems but condemned the Republican approach as one rooted in fear-based tactics.
“The Republican strategy is one that Donald Trump mastered—demonize immigrants and label them, yet fail to address the issue,” Warren stated.
The post John Deaton Debates Elizabeth Warren on Crypto Regulations appeared first on Cryptonews.
