Aiming to run against Sen. Warren

John Deaton, an American lawyer who defends crypto assets (virtual currencies), announced on the 20th that he will run for the U.S. Senate seat from Massachusetts. He is running against incumbent Sen. Elizabeth Warren.

Mr. Deaton runs the website “CryptoLaw”, which informs about legal and regulatory trends regarding virtual currencies. He also challenged the U.S. Securities and Exchange Commission’s (SEC) claim in 2021 that XRP is a security.

Meanwhile, Warren, who is seeking a fourth term in the Senate, is known for her critical stance on cryptocurrencies.

Warren defeated Republican candidate Jeff Deal by a wide margin in the 2018 election. Warren received 60% of the vote and Deal received 36%.

Deaton first needs to secure the Republican nomination to face Warren in the general election. So far, four candidates are already running to run against Warren. Massachusetts Republicans and Democrats will hold their Senate primaries on September 3rd.

Amy Carnevale, chairwoman of the Massachusetts Republican Party, spoke about Deaton’s chances.

First, it was schoolyard bullies, then it was greedy corporations and the SEC, and now I am taking on the Washington elites. https://t.co/XxW0M7kkw9 pic.twitter.com/adJVbz4tyn

— John E Deaton (@JohnEDeaton1) February 20, 2024

Deaton said in a promotional video that he was born in a poor part of the city and was the first in his family to attend high school. Prior to founding his law firm, Mr. Deaton also served in the Marine Corps.

Criticism of Chairman Gensler

On the 15th, Deaton’s CryptoLaw company criticized SEC Chairman Gary Gensler, who said on CNBC that the cryptocurrency industry is “full of fraud and price manipulation.”

He has been proven wrong on the law over and over, now he’s basically waging some kind of propaganda war against an industry because he can’t win in court to get crypto under his regulatory thumb. How is this guy in charge of protecting our markets ? https://t.co/aDiyffYVx7

— CryptoLaw (@CryptoLawUS) February 15, 2024

Gensler “has been proven legally wrong time and time again,” he said. Gensler went on to say that he has not been able to win any court victories that would give him regulatory control over cryptocurrencies, and that he is therefore “waging a kind of propaganda war” against the industry.

Prominent investor Peter Brandt also criticized Gensler’s comments.

connection:
Prominent investor Peter Brandt criticizes SEC Chairman Gensler and questions his ability

Warren’s bill concerns the crypto industry

Senator Elizabeth Warren resubmitted the Digital Asset Money Laundering Prevention Act to Congress in May of last year.

The plan includes imposing obligations under the Bank Secrecy Act, including customer verification requirements, on virtual currency wallet providers, miners, validators, etc., and promoting rules that require customer verification for self-managed wallets. .

requiring non-custodial open-source software to perform bank-like compliance is *the big attack* bitcoin’s enemies have always threatened. it’s impossible for bitcoin core, for example, to comply with this, so it amounts to an effective ban of bitcoin in the USA.

— Alex Thorn (@intangiblecoins) December 11, 2023

The cryptocurrency industry has voiced concerns about this bill. For example, Galaxy Research’s Alex Thorne said it would be virtually impossible for self-managed, open-source software to meet the same compliance obligations as banks, and the bill would be a “major attack on Bitcoin (BTC). ”.

connection:
U.S. Coinbase strongly opposes Warren’s claims, saying they are “misrepresenting efforts to comply with the law”

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