XRP attorney John Deaton has officially launched his campaign to challenge Democratic U.S. Senator Elizabeth Warren for the Massachusetts Senate seat. Deaton, who recently relocated from Detroit to Massachusetts, aims to unseat the incumbent senator as she seeks her third term in office.
Deaton has garnered significant support from the cryptocurrency community, with one notable endorsement coming from Charles Hoskinson, the co-founder of Cardano. Hoskinson not only expressed his support for Deaton but also donated a substantial amount of $3,300 to his campaign.
Taking to the X platform to share the news, Hoskinson revealed that he had contributed the maximum allowable donation. He emphasized the importance of having individuals who are willing to stand up against the established banks that influence legislation and threaten the crypto industry.
The overwhelming backing from the crypto world is not surprising, considering Elizabeth Warren’s anti-crypto stance. As previously reported by CNF, the senator has been critical of the Securities and Exchange Commission’s approval of Bitcoin exchange-traded funds and has advocated for stricter regulations and anti-money laundering measures in the crypto industry. Warren has also introduced the Digital Asset Anti-Money Laundering Act, which has gained support from fellow senators and aims to expand oversight in the digital asset sector.
There have been suggestions that Warren is collaborating with SEC Chair Gary Gensler to impede the growth of the crypto market. Through her office, she has attempted to influence the industry, citing concerns about financial stability and proposing the bipartisan Digital Asset Anti-Money Laundering Act.
The proposed bill includes requirements for Know-Your-Customer verification for wallets, wallet providers, and miners. Several senators, including Raphael Warnock, Laphonza Butler, Chris Van Hollen, John Hickenlooper, and Ben Ray Luján, have expressed their support for the bill.
The candidates’ stances on cryptocurrency have become a prominent issue in the upcoming elections, even at the presidential level. While both major presidential candidates, Joe Biden and Donald Trump, have expressed skepticism towards Bitcoin and support for the U.S. dollar, they have also shown some level of acceptance towards the crypto industry. Trump, in particular, has released non-fungible tokens (NFTs) and recently stated that he could coexist with Bitcoin. Biden has also displayed support for the Bitcoin community by sharing images of himself with laser eyes on multiple occasions.
As the campaign unfolds, it will be interesting to see how the crypto community’s support for Deaton and his opposition to Warren’s anti-crypto stance will shape the outcome of the Massachusetts Senate race.