Elizabeth Warren Softens on Crypto and Criticizes Banks in Debate With John Deaton

• Cryptocurrency is receiving bipartisan support as it becomes increasingly relevant in U.S. politics.
• John Deaton is renowned in crypto for his work in the SEC Vs. Ripple (XRP) legal battle.
• A second debate is scheduled for Oct. 17, 2024.

Senator Elizabeth Warren has signaled a small shift in her skeptical view of cryptocurrency during her debate with rival and pro-Ripple (XRP) Republican John Deaton.

Warren ‘All For Crypto’

In a debate between Warren and Deaton, it was only a matter of time before the subject of cryptocurrencies came up. However, Warren surprised many when she decided to take a more balanced approach than usual, stating:

“I’m all for having a crypto system if people want to buy and sell crypto. All I want is for them to follow the same rules as everyone else.”

Her comments followed Deaton’s assertion that Warren “woke up one day” and decided to “build an anti-crypto army.” She goes on to explain that banks, stock brokers, and credit unions fall under consumer protection laws, which work to ensure that terrorists or drug and human traffickers.

Calling into question Deaton’s political priorities, Warren claims that 90% of his funding is coming from the crypto industry. Furthermore, she highlights that Deaton has said “quite openly” that 80% of his personal wealth is in crypto.

“If John Deaton has a chance to go to Washington his crypto buddies are going to want a return on their investment.”

Deaton refutes this, claiming he’s upset “crypto billionaires” by exposing what he describes as |regulatory capture” by the U.S. Securities and Exchange Commission (SEC). In this context, he is alluding to the perceived self-interest of the SEC’s approach to crypto regulations.

Interstingly, Warren was critical of banks such as JPMorgan Chase, which made billions in overdraft fees from struggling U.S. citizens. “I’m in favor of more restrictions on banks,” she said.

XRP Donation

Later in the debate , Deaton notes his role in the SEC vs. Ripple case, which saw XRP “called legal,” as Deaton puts it.

[…]because of my work I won lawyer of the year consumer advocate of the Year defender of Freedom award.”

Doubling down, Deaton adds that one of those “crypto billionaires” Warren mentioned has donated “millions” of XRP to Kamala Harris’ presidential campaign. Deaton adds that donating to Warren’s candidate of choice wouldn’t have been possible if he hadn’t sued the SEC.

“So Madame Vice President if you’re watching, you’re welcome.”

Elizabeth Warren and John Deaton are scheduled for one more showdown on Thursday, Oct. 17.